Category: Personal Finance

Stocks That Have Increased In Share Price Owing To Surge In Price Of Commodities

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2. Tata Steel:

The scrip of Tata Steel in a year’s time from a closing price of Rs. 273.6 as on May 4 has scaled to currently Rs. 1043.95. This is a substantial hike of 280 percent and has been triggered by the rise in steel price during the time, which pushed FPIs to increase their exposure in the scrip. As per moneycontrol website, FII/FPI have increased holdings from 16.87% to 18.56% in Mar 2021 qtr.

The sector is riding the commodity cycle; steel prices started increasing from July 2020 after India entered the unlocking phase, largely on the back of a recovery in domestic demand and surge in international prices. The major part of the surge in steel prices, however happened post-October with prices touching an all-time high in January. The rally in domestic prices was softer post-January 2021 led by pressure from end-users.

3. SAIL:

3. SAIL:

This stock has again hit a new 52-week high price today of Rs. 125.65. From a price of Rs. 29.6 on May 4, 2020, the stock has shown a good jump of 324 percent in a span of just 1 year. Here again a steep rise in steel prices which led to FII buying into the stock is factor pushing the stock higher. FII and institutional players both have upper their stake in the counter in the March ended quarter to 4.32 percent and 21 percent, respectively.

4 Cement stocks:

4 Cement stocks:

Cement stocks of late were also on a high as the sector witnessed strong demand together with pricing power. Cement price was hiked in March with prices ranging from Rs 5-35 per 50-kg bag. As a result, the all-India average retail price surged Rs 16 per bag month-on-month (MoM) to Rs 363, the second-best in FY21. Most of the cement stocks scaled to their fresh 52-week highs in April 21 such as JK Cement, Dalmia Bharat, Ramco Cements, Shree Cement among others.

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JSW Steel

JSW Steel

The stock of JSW Steel hit its 52-week high price on the NSE on April 30, 2021 of Rs. 740 and last closed at Rs. 723.25 per share. As per an Economic Times report, the company increased rates by Rs. 4000 to Rs. 4500 per tonne for April deliver. This is the first price rise in FY22 but an expected one as prices in global markets have surged on demand pipping supply.



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Digital Dollar Project to launch five U.S. central bank digital currency pilots, BFSI News, ET BFSI

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By Michelle Price

WASHINGTON – The U.S. nonprofit Digital Dollar Project said on Monday it will launch five pilot programs over the next 12 months to test the potential uses of a U.S. central bank digital currency, the first effort of its kind in the United States.

The private-sector pilots initially will be funded by Accenture Plc and involve financial firms, retailers and NGOs, among others. The aim is to generate data that could help U.S. policymakers develop a digital dollar.

A partnership between Accenture and the Digital Dollar Foundation, the Digital Dollar Project was created last year to promote research into a U.S. central bank digital currency (CBDC).

“There are conferences and papers coming out every week around the world on CBDCs based on data from other countries,” said Christopher Giancarlo, former chair of the Commodity Futures Trading Commission and co-founder of the Digital Dollar Foundation.

“What there is not, is any real data and testing from the United States to inform that debate. We’re seeking to generate that real-world data,” Giancarlo added.

CBDCs are the digital equivalent of banknotes and coins, giving holders a direct digital claim on the central bank and allowing them to make instant electronic payments.

While debit cards or payment apps are a form of digital cash, those transactions are created by commercial banks based on money central banks credit to those banks’ accounts. They are not fully government-backed, can take days to settle, and often incur fees. Cryptocurrencies, meanwhile, are controlled by private actors.

Central banks around the world, including in China and Europe, are revving up CBDC projects to fend off threats from cryptocurrencies and improve payment systems.

As guardian of the world’s most widely used currency, the U.S. Federal Reserve is moving more cautiously. It is working with the Massachusetts Institute of Technology (MIT) to build a technology platform for a hypothetical digital dollar, but chair Jerome Powell said last week that it is “far more important” to get a digital dollar right than it is to be fast.

Giancarlo said Powell was correct to be cautious but that as China pushes ahead, the United States must drive a discussion on incorporating U.S. values such as privacy and freedom of commerce and speech into the development of CBDCs.

“It’s vital that the U.S. asserts leadership as it has in previous technological innovations,” Giancarlo added.

A digital dollar could also boost financial inclusion in the United States, where transaction fees impede the access of many Americans to mainstream financial services, Giancarlo said.

The pilot programs, three of which will launch in the next two months, will complement the Fed’s MIT project by generating data on the functional, sociological, business uses, benefits and other facets, of a digital dollar. The data is due to be released publicly.

Accenture has worked on a number of CBDC projects including in Canada, Singapore and France.

David Treat, a senior managing director at Accenture, said CBDCs would exist alongside other forms of physical and electronic money, rather than replace them.

“It’s not a panacea for all money,” Treat said. “We will be using physical cash and coin for some time.”



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Airtel Payments Bank hiked interest rate on deposits over Rs. 1 lakh from May 1, 2021

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Investment

oi-Vipul Das

|

From May 1, 2021, Airtel Payments Bank has raised the interest rate on savings account deposits of over Rs. 1 lakh to 6% per annum. The balance up to Rs 1 lakh will get a 2.5 percent annual interest rate. The Reserve Bank of India recently approved a Rs 2 lakh day-end deposit cap for account holders. This comes after Airtel Payments Bank became the first payments bank to enforce the Reserve Bank of India’s (RBI)-mandated enhanced day-end savings cap of Rs 2 lakh. Airtel Payments Bank is a one-stop center for a variety of traditional banking matters, such as huge queues and complicated procedures for opening a savings account. Opening a savings account with Airtel Payments Bank is a paperless operation that requires just a matter of seconds.

Airtel Payments Bank hiked interest rate on deposits over Rs. 1 lakh from May 1

A savings account with Airtel Payments Bank also comes with a slew of benefits, including cash deposit/withdrawal at any of the bank’s 5 Lac+ branches nationwide, money transfers, mobile/DTH recharges, utility bill payments, online/offline shopping, as well as more. You can visit your nearest banking point to open or manage your Airtel Payments Bank Savings bank account. You can also use My Airtel App to manage your Airtel Payments Bank account. The bank operates a Rewards123 digital savings account, which provides customers more benefit when they transact online using the account. Customers with an Airtel number linked to their savings account can also use Airtel Safe Pay. With only a Secure KEY, one can deposit cash at any Airtel Payments Banking Point. And one can also withdraw cash from any Airtel Payments Bank Banking Point using the Aadhaar biometric authentication process.

Anubrata Biswas, Managing Director and Chief Executive Officer, Airtel Payments Bank, said “RBI’s increased savings deposit ceiling is a major milestone for payments banks as this was a key ask from customers. With an attractive six per cent per annum rate of interest on deposit sums in excess of one lakh, we are making our banking proposition even more rewarding.”
He also added that “Our unmatched footprint of 500,000 banking points and a global first secure and simple experience delivered digitally, Airtel Payments Bank offers a market-leading proposition for both the urban digital and the rural underbanked customer.”

Benefits to open a savings account with Airtel Payments Bank

You will get a slew of perks when you open Airtel Payments Bank, including:

  • High interest rate
  • No need to maintain a minimum account balance.
  • Virtual Debit Card
  • Easy access to the nearest banking spot for cash withdrawals and deposits.
  • Using the Airtel Thanks App, you can pay your utility bills and send money to your friends.
  • Make cash withdrawals without a card at more than 1 lakh ATMs around the nation.

How to open an Airtel Payments Bank account using Video-KYC method?

You can now open a savings account using the Airtel Thanks app and complete the KYC process via a video interaction anytime anywhere. When going through the Video KYC method, the customer must ensure that he is in a location with the best data connectivity. Please remember to bring your PAN card with you. You must fill out your details on the Airtel Thanks App as part of the Video KYC operation. Following the completion of all necessary fields, the bank representative will conduct simple checks through video interaction. You will be guided through the procedure by the agent. After the Video KYC is completed, you will be given a full-fledged bank account by Airtel Payments Bank. If the Video KYC procedure could not be finished, you should either restart it or wait for a reply from the bank if your account is open. The Video-KYC process is available from 10 a.m. to 9 p.m., six days a week. To know the process follow the below given three simple steps:

  • Open the Airtel Thanks App in your mobile and click on the ‘Video KYC’ option.
  • Now add your personal details along with your Aadhaar and PAN specifics.
  • Complete a video conferencing with a Bank representative any time between 10 a.m. and 9.00 p.m,6 days a week. Before you call, make sure you have your original PAN card with you. Once your account is ready, you will get your account details as well as a digital debit card.



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List of Indian Pharma Companies Producing Covid-19 Vaccines

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Planning

oi-Sneha Kulkarni

|

Several Indian pharmaceutical firms are working on a coronavirus vaccine as part of global efforts to find a preventive to stem the spread of the deadly virus. Vaccines usually take years to develop and much longer to mass-produce, but scientists are hoping to have one ready in few months. As the number of coronavirus cases in the country continues to increase, the emphasis has shifted to vaccination. The Government of India is leading the fight against the COVID19 pandemic in partnership with the States and UTs. Vaccination is an important part of the Government of India’s five-point plan for containing and managing the COVID19 pandemic, which also includes Test, Track, Treat, and COVID Appropriate Behaviour.

As of Monday morning, India had administered over 16.54 crore doses of the COVID-19 vaccine. However, in the midst of the outcry over vaccine shortages, and how many COVID-19 vaccines can these companies produce, and when will India be vaccinated is a big question.

List of Indian Pharma Companies Producing Covid 19 Vaccines:

List of Indian Pharma Companies Producing Covid-19 Vaccines

Pharma company Name of Vaccine
SII Covishield
Bharat Biotech Covaxin
Biological E Biological E
Zydus Cadila ZyCoV-D
Hetero Biopharma Sputinik V
Dr. Reddy’s Laboratories Sputnik V
Panacea Biotech Covaxin
Gennova HGCO19
Mynvax Mynvax
Hester Biosciences –
Indian Immunologicals –

Poonawalla of SII had requested a government grant of Rs 3,000 crore to increase Covishield output beyond 100 million doses per month, which SII expects to meet by the end of May.

Biological E, Gennova, and SII have approached the Department of Biotechnology for help in accessing the Rs 900-crore Covid Suraksha fund set up by the Central government to speed up their vaccine growth.

Zydus Cadila’s ZyCov-D, based in Ahmedabad, is one of the COVID-19 vaccines in phase 3 trials.

Biological E, based in Hyderabad, has agreed to produce 60 crore doses of Johnson & Johnson’s COVID-19 vaccine per year under a contract manufacturing agreement.

Intranasal COVID-19 vaccine trials are also being conducted by Bharat Biotech.

Some companies are ready to launch their product, while others are either in the testing process or waiting for approval. We’ll have to wait until they’re available on the market. Covishield and Covaxin are currently available on the Indian market.

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Old Taxation versus New Taxation Regime: Which To Go For?

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Eligibility for choosing new tax regime:

Anybody for that matter i.e. individuals as well as Hindu Undivided Family or HUF can choose the new tax regime.

Comparison of tax slab and rate in new and old tax regime

Income slab Old Tax regime New Tax regime
Up to Rs. 2.5 lakh 0.00% Nil
Rs. 2.5 lakh- Rs. 5 lakh 5.00% 5.00%
Rs. 5 lakh- Rs. 7.5 lakh 20.00% 10.00%
Rs. 7.5 lakh- Rs. 10 lakh 20.00% 15.00%
Rs. 10 lakh- Rs. 12.5 lakh 30.00% 20.00%
Rs. 12.5 lakh – Rs. 15 lakh 30.00% 25.00%
Above 15 lakh 30.00% 30.00%

Various deductions and exemptions llowed in old tax regime

Various deductions and exemptions llowed in old tax regime

Exemptions Deductions
HRA Provident fund
LTA ELSS
Food coupons or vouchers Life Insurance Premium
Company leased car EPF
Standard deduction Principal and interest of home loan
Leave encashment Children tuition fee
Health insurance premium
Investment in NPS
Savings account interest

Which to choose Old Or New Tax Regime?

Which to choose Old Or New Tax Regime?

There cannot be given a clear cut comparative chart specifying which scheme shall work for which taxpayer category. Nonetheless, given the number of deductions and exemptions, taxpayers will have to forego, the benefits that come with old tax regime far outweigh the benefit of lower tax rate available with new income tax regime.

Now as per the new tax regime, those having income of Rs. 7.5 lakh income will have to pay Rs. 25000 and those of you having Rs. 10 lakh income will be able to save tax of Rs. 37500. But the things will come to fore on detailed analysis. But for all such savings, you would have to forego all the deductions and exemption, which might negate all your tax savings.

To simplify and understand which tax regime would work for you:

1. Compute all the exemptions that you avail: Say if you have claiming rent against HRA benefit. And there can be other tax-free component such as LTA, food, phone bill etc. that might become taxable in the new tax regime

2. Now come to the deductions that you claim in a particular FY:

In the new tax regime, one will not get the deduction available in respect of EPF as well as standard deduction of Rs. 50000 for salaried class. These and other deductions such as those available against home loan, insurance premium will in the new tax regime not help you to lower your tax liability.

Now you need to add these deductions and exemptions and less it from your salary to know what shall be your taxable income and what it shall be in case your forego deductions as under the new tax regime. And then you will be able to decide which tax regime to go for. We will arrive at the decision taking into perspective 3 situations:

1. When someone is claiming few exemptions and deductions:

1. When someone is claiming few exemptions and deductions:

Say a salaried class person who earns Rs. 8 lakh per annum and makes EPF contribution and gets HRA benefit. Also, he is eligible for LTA benefit against which he’ll be claiming Rs. 25000 for the amount incurred on travel.

Old tax regime New tax regime
Annual Income Rs. 8 lakh Rs. 8 lakh
Standard deduction – Rs. 50000
EPF contribution – Rs. 25000
HRA – Rs. 30000
LTA – Rs. 25000
Total deductions and exemptions Rs. 130000
Taxable salary Rs. 6.7 lakh Rs. 8 lakh

Now considering the old tax regime,

Tax payable will be 5% of 250000+ 20% of 170000= 12500+ 34000= 46500 + cess of Rs. 1860 =Rs. 48360

For the new tax regime, tax liability will be = 5% of Rs. 250000+10% of 250000+ 15% of 50000= 45000. Here cess of Rs. 1800 applies, so total tax liability is Rs. 46800.

So, here the taxpayer will make a saving of Rs. 1560 by choosing the new tax regime.

2. Here supposing the taxpayer claims all of the major exemptions but fewer deductions

2. Here supposing the taxpayer claims all of the major exemptions but fewer deductions

Say the annual income is Rs. 13 lakh and being a salaried concern he has investments into EPF, has a term coverage of Rs. 1 crore so claims deductions against it and other exemptions too to his credit.

Old tax regime New tax regime
Annual Income Rs. 13 lakh Rs. 13 lakh
Standard deduction – Rs. 50000
Section 80C – Rs. 75000
Meal coupons – Rs. 26400
LTA – Rs. 20000
HRA – Rs. 30000
Total deductions and exemptions Rs. 201400
Taxable salary Rs. 10.986 lakh Rs. 13 lakh

In the old tax regime, tax payable will come to be as Rs. 187500 +7499 surcharge, taking the total tax to be as Rs. 194999. While in the case of new tax regime, it shall be Rs. 137500+ cess of Rs. 5500 so the tax here comes to be Rs. 143000. Now here the taxpayer is better off opting for the second or new regime, as it will mean substantial savings of Rs. 51999.

Situation 3: Where all major exemptions and deductions have been availed

Situation 3: Where all major exemptions and deductions have been availed

Say considering the salary here to be Rs. 20 lakh and full 80C benefit of Rs. 80C is being availed. Plus there is health insurance, investment in NPS, LTA etc. which has to be claimed in the old tax regime:In this case for the taxpayer old tax regime works better with a tax liability of Rs. 3,26,040 lakh

Old tax regime New tax regime
Annual Income Rs 20 lakh Rs. 20 lakh
Standard deduction – Rs. 50000
Section 80C – Rs. 150000
NPS – Rs. 30000
Health insurance – Rs. 25000
LTA – Rs. 25000
HRA – Rs. 50000
Total deductions and exemptions Rs. 3.3 lakh
Taxable salary Rs. 16.7 lakh Rs. 20 lakh

While in the new tax regime, the tax liability of Rs. 351000 will be there.

Situation 4: In the case of self-employed an individual taxpayer can claim full 80C benefit of Rs. 1.5 lakh and Rs. 50,000/- under Section 80CCD(1B) for contribution towards National Pension System. Presuming aggregate income of Rs. 7 lakhs he will have a tax liability of Rs. 32,500/- under new tax regime. And under the old tax regime if he is able to claim deduction of Rs. 2 lakhs as specified above he will be able to reduce his total income to 5 lakhs on which he will not have to pay any tax due to rebate of Rs. 12,500 available u/s 87A. So, by making investments one will be able to save Rs. 32500 in tax under the old regime.

Most to go with Old tax regime

Notably the switch from one tax regime to the other cannot happen over and over again as salaried will have to let go most of exemptions and deductions available and in fact some of the contributions are mandatory, they will be better off adhering to the old tax regime. Also, for the self-employed tax payer category in case they have currently running home loan then they should be going with the older regime only.

Conclusion:

So conclusion is that while the new tax regime does not simplifies things for you, the scale to which you claim deductions and exemptions might help you ascertaining which tax regime shall better work for you. Furthermore, you don’t need to choose insurance just because it will help you save but the idea should be a longer term financial goal of securing your family’s finances in case of your absence.

And the new tax regime makes more sense for those who do not take complete 80C advantage or do not have home loan or any health insurance policy.The new regime shall be suitable for only a handful of self-employed or an HUF for which rebate under Section 87A is not available.

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SBI Cuts Home Loan Rates, Check How To Calculate Monthly EMI

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Investment

oi-Vipul Das

|

The lower level of home loan interest rates has been lowered by the State Bank of India (SBI) to 6.70 percent from 6.95 percent. According to a press release issued by SBI on Saturday, the interest rate on fresh home loans up to Rs 30 lakh will now start at 6.70 percent. SBI home loan interest rates will start at 6.95 percent for loans above Rs 30 lakh and up to Rs 75 lakh, and 7.05 percent for loans above Rs 75 lakh. The country’s largest commercial bank has also reported a 0.05 percent interest rate concession for female borrowers on home loans. Individuals who apply for a home loan through the YONO App will get a 5-bps interest rate cut, according to the bank. The new rates are in force from May 1 2021.

SBI Cuts Home Loan Rates, Check How To Calculate Monthly EMI

The monthly EMI for instance on a Rs 10 lakh loan for a term of 10 years at 6.95 percent (previous SBI home loan interest rate) is Rs 11585, according to the SBI home loan calculator. That being said, based on the initial SBI home loan interest rate of 6.70 percent, the monthly EMI on a Rs 10 lakh home loan taken over a term of 10 years will now be Rs 11457, according to the SBI calculator.

SBI Cuts Home Loan Rates, Check How To Calculate Monthly EMI

That ensures that if a new SBI home loan borrower takes out a Rs 10 lakh loan for a term of ten years, the monthly EMI will be reduced by Rs 128 per month after the starting SBI home loan rate is reduced from 6.95 percent to 6.70 percent. So, across the course of ten years, the new SBI home loan borrower can save Rs 15,360. (Rs 128x12x10).

SBI Cuts Home Loan Rates, Check How To Calculate Monthly EMI

Female home loan borrowers, on the other hand, will get an additional 0.05 percent SBI home loan interest rate rebate, bringing the starting home loan rate to 6.65 percent. So, with a home loan of Rs 10 lakh for ten years, a female customer’s EMI will be Rs 11,431.

SBI Cuts Home Loan Rates, Check How To Calculate Monthly EMI

SBI Home Loan EMI Calculation

The following formula is used for an SBI home loan monthly EMI calculation.

EMI = [P x R x (1+R)^N]/[(1+R)^N-1]. Here P is the principal loan amount, R is the rate of interest, N is the number of tenures in months.

If we take the above figure in consideration then EMI= [10,00,000 x 0.55/100 x (1+0.55/100) ^ 120 / [(1+0.55/100) ^ 120 – 1) = Rs 11,407 approx.

The EMI payments are directly proportional to the loan amount and interest rates, and inversely proportional to the loan tenure, while the three influencing variables are taken into account. The EMI payments increase in proportion to the loan amount or interest rate, and vice versa.



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4 Equity Mutual Funds With Returns Of More Than 60% In 1-Year

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UTI Flexi Cap Fund

This fund has generated a return of 62.10 per cent in the last 1 year. UTI Flexi Cap Fund has been rated 5-star by Value Research. The 3-year returns are more tempered at 14.92%, while the 5-year returns is 16 per cent on an annualized basis. The fund is run by UTI and has assets under management of more than 16,000 crores.

The portfolio of the fund comprises of stocks like HDFC Bank, Bajaj Finance, L&T Infotech, Infosys and HDFC. One can also invest in the fund through the SIP route, where the minimum sum required is Rs 1,000 per month. We wish to inform readers that the markets have run-up sharply in the last 1 year after the collapse due to the nation wide lockdown. Hence, seeing 1-year returns and then investing may not be the ideal way to go about investing.

Mirae Emerging Bluechip Fund

Mirae Emerging Bluechip Fund

This fund has a 5-star rating from Crisil and Value Research. The 1-year returns of the fund has been excellent at 63.24 per cent, while the 3-year returns has been 16.15 per cent and 5-year returns has been 20.77 per cent on an annualized basis. The assets under management of the fund is in excess of Rs 16,000 crores.

Almost the entire amounts has been invested and the fund does not have anything in cash and equivalents. The portfolio of Mirae Emerging Bluechip Fund comprises of names like HDFC Bank, ICICI Bank, Infosys and Axis Bank. For those looking to invest, it is better to avoid investing lumpsum, given the way the markets have rallied in the last 1-year.

Tata Midcap Growth

Tata Midcap Growth

This is another fund that has done exceptionally well in the last 1 year. The 1-year returns has been 61.74 per cent on an annualized basis. The 3-year returns is more tempered at 11 per cent. It’s important to emphasize the fact that this is a midcap fund, which means returns tend to be more volatile. In a sense, if the markets fall, this funds returns would fall faster, while if the markets gain, returns could be much better. In this kind of a fund, the best way would be to invest through the Systematic Investment route plans. This fund has investment in stocks like Voltas, Cholamandalam Investment, Tat Power, Navin Flourine etc. Again, being a midcap fund, one should think twice before investing large lumpsum amounts.

SBI Small Cap Fund

SBI Small Cap Fund

SBI Small Cap Fund has given an astounding returns of almost 81 per cent in 1-year. That is a phenomenal set of returns by any standards. The fund invests in companies with a small market cap, which means returns can be volatile. If there is some serious selling pressure in stocks, the returns from the fund could be in serious trouble. The fund has a portfolio that includes stocks like JK Cement, Elgi equipments, Bluestar etc. One can invest through the SIP route as well, which would be the ideal way to invest in small cap stocks.

About the author

About the author

Sunil Fernandes has spent 26 years covering business and finance in India and abroad. Sunil has worked with frontline daily newspapers including Hindustan Times, Deccan Herald and Gulf Times. He has also worked with investment magazines like Dalal Street Investment Journal and Oman Economic Review. His forte remains stocks, mutual funds and tax planning.

Please read our disclaimer on the goodreturns.in website before investing. The above mentioned article is purely for informational purposes. It is not a solicitation to buy or sell equity mutual fund schemes. Greynium Information Technologies and the author are nor responsible for losses incurred based on action taken through reading of the article.



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Changes In Central Motor Vehicle Rules To Add Nominee In The RC Notified

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Personal Finance

oi-Roshni Agarwal

|

The Ministry of Road Transport and Highways has notified certain changes in the Central Motor Vehicles Rules, 1989 to facilitate the owner of a vehicle for nominating a person in the registration certificate, which would help the motor vehicle to be registered or transferred in the name of the nominee, in case of death of the owner.

Changes In Central Motor Vehicle Rules To Add Nominee In The RC Notified

Now, the owner can put the name of the nominee at the time of registration of the vehicles and can also add it later through an online application.

The process is otherwise cumbersome and non-uniform across the country. According to the notified rules, the owner of a vehicle has to submit proof of the identity of the nominee, in case the nominee is mentioned.

“Where the owner of a motor vehicle dies, the person nominated by the vehicle owner in the certificate of registration or the person succeeding to the possession of the vehicle, as the case may be, may for a period of three months from the death of the owner of the motor vehicle, use the vehicle as if it has been transferred to him, Provided that such person has, within thirty days of the death of the owner, informed the registering authority of the occurrence of the death of the owner and of his own intention to use the vehicle,” the notification said.

It further said the nominee or person succeeding to the possession of the vehicle shall apply in Form 31 within the period of three months from the death of the owner of the motor vehicle, to the registering authority for the transfer of ownership of the vehicle in his name.

For the change in nominee in case of contingencies like divorce or division of property, the owner may change the nomination with an agreed Standard Operating Procedure (SOP), it added. Currently, in case of the death of a registered owner of a vehicle, the procedure of transferring the vehicle to a nominee requires complying with a raft of procedures and frequent visits to different offices.

The Ministry of Road Transport and Highways on November 27, 2020, had proposed to amend the Central Motor Vehicles Rules, 1989 to facilitate the owner of a vehicle for nominating a person in the registration certificate. The government “has invited suggestions and comments from the public and all stakeholders on the proposed amendment…,” it had said.

Under the proposed amendment, “an additional clause is proposed to be inserted wherein ‘proof of identity of nominee if any’ to enable the owner to nominate anyone to be the legal heir of the vehicle in case of death,” it had said. For transferring the vehicle to the legal heir in case no nominee has been specified by the owner, it is proposed that an additional clause may be inserted to enable the owner to nominate a nominee.

In the case where the nominee is already specified, the vehicle will be transferred in his/her name.



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Ethereum breaks past $3,000 to quadruple in value in 2021, BFSI News, ET BFSI

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Cryptocurrency ether broke past $3,000 on Monday to set a new record high in a dazzling rally that has outshone the bigger bitcoin, as investors bet that ether will be of ever greater use in a decentralised future financial system.

Ether, the token transacted on the ethereum blockchain, rose 3% on the Bitstamp exchange to $3,051.99 by lunchtime in Asia. It is up more than 300% for the year so far, easily outpacing a 95% rise in the more popular bitcoin.

In part, the big rally is a catch-up to late 2020 gains in bitcoin, said James Quinn, managing director at Q9 Capital, a Hong Kong cryptocurrency private wealth manager.

It also reflects improvements to the ethereum blockchain, he said, and a growing shift towards “DeFi”, or decentralised finance, which refers to transactions outside traditional banking for which the ethereum blockchain is a crucial platform.

“At first, the rally was really led by bitcoin because as a lot of the institutional investors came into the space, that would be their natural first port of call,” Quinn said.

“But as the rally has matured over the last six months, you have DeFi and a lot of DeFi is built on ethereum.”

The launch of ether exchange-traded funds in Canada and surging demand for ether wallets to transact non-fungible tokens such as digital art have also pushed up the price.

The ether/bitcoin cross rate has soared more than 100% this year and hit a 2.5-year high on Sunday, pointing to a degree of rotation into the second-biggest cryptocurrency as investors diversify their exposure.

“Surging DeFi volumes continue to push ethereum prices higher as investors gain confidence in crypto and see ethereum as a safe second-place asset,” said Jehan Chu, managing partner at Hong Kong blockchain venture capital firm Kenetic Capital.

Illustrating the momentum for such new transactions, Bloomberg reported last week that the European Investment Bank plans on issuing a digital bond over the Ethereum blockchain, while JP Morgan plans a managed bitcoin fund.

Bitcoin, the world’s biggest crypto asset with more than $1 trillion in market capitalisation, regained the $50,000 mark last week and hovered around $58,000 on Monday, up about 3% but well below its record high at $64,895.22.

The U.S. dollar was broadly steady. [FRX/]

(Reporting by Tom Westbrook and Vidya Ranganathan; Editing by Himani Sarkar & Shri Navaratnam)



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Charlie Munger feels ‘disgusted’ about Bitcoin; Buffett is ‘alright on that one’, BFSI News, ET BFSI

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MUMBAI: Legendary investor Charlie Munger of Berkshire Hathaway is not happy with the success of cryptocurrencies like Bitcoin and Ethereum, as he sees them as “contradictory to the development of civilisation.”

Cryptocurrency assets such as Bitcoin and Ethereum are now worth more than $2 trillion within just 12 years of their birth. Bitcoin alone today has a market capitalisation of little less than $1 trillion and is trading around $58,000 from less than $5,000 more than a year ago.

Cryptocurrencies, often compared with the Internet in its early age, has enjoyed greater acceptance and success over the past year. Corporate America has embraced cryptocurrency with companies like Microsystem and Tesla converting a part of their cash holdings into Bitcoin.

Companies such as MasterCard, Square, PayPal and others have started to accept cryptocurrencies like Bitcoin as payments enabling wider acceptance.

On Wall Street, investment firms are scurrying to make Bitcoin available to their clients to invest with companies such Vanguard, Blackstone and others rallying behind the cryptocurrency. JP Morgan & Chase recently recommended its wealthy clients to take an exposure to Bitcoin in their portfolio.

Munger, who was speaking at the annual meeting of Berkshire Hathaway, said he hates the success of Bitcoin. “I don’t welcome a currency, which is so useful to kidnappers,” Munger said.

Warren Buffett, Munger’s partner for more than 60 years, ducked the question by using a line that a former governor of Nebraska used to say: “I am alright on that one.”

One of the most successful investors of the past century, Buffett has previously stated that cryptocurrencies have “no value” and “don’t produce anything”.



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