Benami Act come into force from 1 Nov., 2016 : Violation the Act Punishable with imprisonment of up to 7 years..!

Benami Act  come into force from 1 November, 2016

Benami Transactions (Prohibition) Amendment Act, 2016 gives the government powers to confiscate benami properties

The bill will replace the older Benami Transactions (Prohibition) Act, 1988.

The income-tax (IT) department on  October 28, 2016 notified the provisions of the Benami Act with effect from 1 November, 2016 reinforcing the fight against tax evasion.

The Benami Transactions (Prohibition) Amendment Act, 2016 seeks to give the government powers to confiscate benami properties—assets held in the name of another person or under a fictitious name to avoid taxation and conceal unaccounted-for wealth.

The bill, which had amended the older Benami Transactions (Prohibition) Act, 1988, got Parliament’s approval in August, 2016.

The amended Act seeks to remove lacunae in the old legislation and has provisions that make violation of the Act punishable with imprisonment of up to seven  (7) years and a fine of up to 25% of the fair value of the asset. 

It also states that properties held benami are liable for confiscation by the government without payment of compensation.

The term “property” will cover movable, immovable, tangible and intangible properties.

This Act, along with the stringent Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015, to penalize those with unaccounted wealth abroad, will help the government in its fight against black money both within and outside the country.

Safeguard mechanisms like the adjudicating authority and the appellate mechanism for appeals have also been notified in the rules.


Share:

A home loan that nurtures a child's health is a hope loan.

Get your Dream home with SBI HomeLoan.

A home loan that nurtures a child's health is a hope loan.
For every home loan disbursed,
SBI pledges a sum to a social cause.
A home loan from SBI comes with than the usual benifits of the lowest interest and no processing fee*. It also comes with the power to make a real difference to those in need. This festival season, an SBI home Loan will not only help fulfill your dreams. but also, bring hope to many.
Benefits for You:
  • Lowest rate of 9.25% p.a.
  • No processing fee*
APPLY NOW »
For Assistance Call 1800 425 3800 & 1800 112 211 (Toll free) 080 26599990
Processing fee waived on SBI approved projects, online applications (through www­.onlineapply­.sbi­.co­.in), balance transfer of home loans for government employees and defence personnel, under SBI Privilege and SBI Shaurya Schemes.
Share:

999.9 purity Gold Coins from MMTC-PAMP now exclusively available on Amazon.in

 Bring home prosperity this festive season with Amazon.in

999.9 purity Gold Coins from MMTC-PAMP now exclusively available on Amazon.in

Customers get access to the largest selection of gold & silver coins only on Amazon.in

Amazon Fashiontoday announced an exclusive launch of 999.9 purity gold coins from MMTC-PAMP, India’s first and only internationally accredited gold refinery. In line with its vision to delight customers with a wide selection during the festive season, Amazon.inbecomes the first platform to offer the most comprehensive selection of 999.9 Gold & Silver coins including an exclusive selection from government certified Kundan Refinery.

Through this partnership, MMTC-PAMP offers a selection of over 50 gold and silver coins across different denominations on Amazon.in.

Commenting on the launch, ArunSirdeshmukh, Head, Amazon Fashion, India said, “This is the biggest and the most celebrated festive season yet for us that brings the best-ever shopping experience to our customers. We have been continuously innovating on behalf of our customers to offer reliable, seamless and fast delivery options. With this unique offering, we are excited to add further excitement to Dhanteras and festive season as we give our customers an easy access to the country’s widest selection of 999.9 purity gold-coins from the comfort of their home.  
The gold & silver category saw a tremendous spike in our recently concluded Great Indian Festival sale, and now we look forward tomaking the festivities even bigger and better for all”.
Rajesh Khosla, Managing Director MMTC-PAMP, India– “We are very excited to collaborate with Amazon, thereby providing to the consumer in India and beyond with the finest quality products created with complete transparency and assurance. The quality of our innovative product range is the de-facto benchmark in Indiaand we are excited to connect with our customers online, in time for the festive season."
With more than 15,000 brands and over two million fashion products, Amazon Fashion is amongst the largest fashion stores in India with selection across apparel, shoes, watches, handbags, luggage, sunglasses, fashion & precious jewelry.

Amazon Fashion will ensure customers are ready for this festive season with all their desires fulfilled at the click of a button.

All Consumers on www.amazon.in and the Amazon mobile shopping app have an easy and convenient access to millions of products across hundreds of categories. They benefit from a safe and secure ordering experience, convenient electronic payments, Cash on Delivery, Amazon’s 24x7 customer service support, and a globally recognized and comprehensive 100% purchase protection provided by Amazon’s A-to-Z Guarantee. They can also enjoy Amazon. In’s guaranteed next-day, two day delivery, Sunday and Morning delivery on products fulfilled by Amazon. With the launch of Amazon. In’s most loved global offering Prime, customers can now enjoyguaranteed fast free delivery of thousands of products in 100 cities.

About Amazon.in                                  
                                                                             
The Amazon.in marketplace is operated by Amazon Seller Services Private Ltd, an affiliate of Amazon.com, Inc. (NASDAQ: AMZN). Amazon.in seeks to build the most customer-centric online destination for customers to find and discover virtually anything they want to buy online by giving them more of what they want – vast selection, low prices, fast and reliable delivery, and a trusted and convenient experience; and provide sellers with a world-class e-commerce platform.

About Amazon

Amazon is guided by four principles: customer obsession rather than competitor focus, passion for invention, commitment to operational excellence, and long-term thinking. Customer reviews, 1-Click shopping, personalized recommendations, Prime, Fulfillment by Amazon, AWS, Kindle Direct Publishing, Kindle, Fire tablets, Fire TV, Amazon Echo, and Alexa are some of the products and services pioneered by Amazon. For more information, visit www.amazon.com/about.

About MMTC-PAMP:

India is now home to the world’s most modern precious metals refining and manufacturing plant, equipped with state-of-the-art technology throughout all production processes, as well as with the most advanced environmental infrastructure and safeguards that meet the most stringent regulatory standards.As the only LBMA accredited refinery in India, MMTC-PAMP has proved to the world that India and Indian products are second-to-none. MMTC-PAMP is the only refinery to produce gold of 9999.9 purity gold for use as reference material by assay centers across India. A repeat winner of industry awards, MMTC-PAMP is one of only two precious metal refineries in the world to hold the coveted SA 8000 certification. Swiss technology and Indian skills enables us create a world-class product range. We are now embarking on a journey of becoming the consumer brand of choice for the Indian market. We intend to change the way the Indian consumer engages with precious metals in India, by bringing an informed access to world-class products of the highest quality.

For more information contact:
PriyankaBedi
Amazon
+91 9820726415
NeetiDhawan
Weber Shandwick


Share:

Loan deals for your festive purchase

Loan deals
 for your 
festive purchase

As on 
October 2016
Share:

Gold Loans deals for your festive purchase

Gold Loans 
deals 
for 
your 
festive 
purchase
As on October 2016
Share:

Car Loans deals for your festive purchase

Car Loans 
deals for
 your 
festive 
purchase 


As on October 2016
Share:

Home Loans deals for your festive purchase

Home Loans 
deals 
for 
your 
festive 
purchase 



As on October 2016
Share:

Personal Loan deals for your festive purchase

Personal Loan 
deals for 
your 
festive 
purchase 

As on October 2016
Share:

Lic of India loses 3 lac agents in 6 years

Lic of India 
loses 
0.3 million 
insurance agents 
in 6 years

As on September 2016
Share:

Housing finance: Average Loan size being Rs. 26 Lakh.

Housing finance bellwether HDFC booked a net profit of Rs. 1,827 crore for the second quarter of fiscal FY17, up 14% over the year-ago quarter (Rs. 1,605 crore) on a standalone basis.

Loans to individuals on a year-to-date basis grew 20% with the average loan size being ₹25.7 lakh.

HDFC’s capital adequacy ratio stood at 16.5 per cent. Of this, Tier I capital was 13.3% and Tier II capital, 3.2%. According to regulatory norms, minimum requirement for capital adequacy ratio and Tier I capital are 12% and 6%, respectively.
Share:

Healthy alternatives for this Diwali!

Healthy alternatives for this Diwali!

Our favorite festival of the year is right around the corner and it is full of sugar and everything nice, err, fattening! So every time Diwali is around the corner, we tend to lose track of our eating, drinking, and fitness habits. Here are some alternatives to all that fattening food that you can indulge in, enjoy and not regret once the festival is over!

1.      There’s no problem that some dark cocoa can’t solve.

Image result for bournville chocolate

Diwali festivities are incomplete without the customary sweet offerings! The indulgence in sweets not only affects your waistline but is also bad for the digestive system. Dark chocolate is the answer to all our desires. It has saturated fats that can be easily metabolized by our body. It is also a powerful source for antioxidants and improves blood flow. Its bio-active compounds provide sun protection too and did you know dark chocolate is great for the heart too? So pack up heavily on dark chocolate this season instead of all that jalebi!

2.      Go fruity this season

The festive season often leaves you tired and reaching out for mid-meal snacks! Well, rather that filling up the stomach with chips and samosas, binge on fruits! To make things interesting, chop some bananas, toss them with natural honey and top it with nuts. You’re good to go! Fruits like Litchi, pineapple, apple and pear are a top notch this season too. Mix them up with luscious kiwis, grapes and other berries to make your festive indulgence more colourful and delicious. They have zero cholesterol and are low in fat, sodium and calories. Rich in dietary fiber, potassium and Vitamin C, they help to maintain a healthy diet too. So serve them pretty to your guests and they are sure to thank you for being the only probable guests who didn’t stuff their way to their hearts this Diwali!

3.      Say Bye-Bye to empty calories, go the Red Wine way!
This Diwali, here is an opportunity to cut down on all that unnecessary hard liqueur by switching to some healthy, delicious red wines. They contain much less calories and are a sophisticated choice. Moreover, they are extremely good for health, particularly the heart. Sula’s Dindori Reserve Shiraz crowns the list of red wine offerings having won international awards and accolades. Grown on the hills of Sula’s Dindori estate and aged for a year in new oak, Sula’s Dindori Reserve Shiraz is fragant, elegant and smooth, with lush berry flavours and silky tannins and makes for the perfect gift this Diwali for its ability to go beautifully with grilled food and more! Best paired with friends and family!

4.      Say yes to Natural drinks.
a9f23b554a80d5286326423bf2455b87
Avoid all that Thumbs Up, Pepsi and other coloured soft drinks and go natural by choosing buttermilk and naturals like coconut water instead. Buttermilk is easy to whip up at home or Amul MASTI buttermilk can be easily found at a nearby store. Order them in, add some of your homemade masalas and your guests will be happy and satisfied as ever!


5.      Olive Oil for a change
Dolce-Vita-Pure-Olive-Oil-500ml-B00L10U4I6

Why eat deep fried when you can prepare some finger-licking delicacies with a hint of Olive oil? Sauté your favorite veggies in olive oil for some interesting tid-bits or even use the air-fryer to whip up some fried snacks – but with the air-fryer, they won’t be as fried. And if you have to have all that heavy Indian food, cooked and re-cooked then Olive Oil is the way to go! Mushroom and garlic glazed with Dolce Vita Olive oil makes for a lip-smacking snack. If you can’t find Dolce, Figaro is always a good option.
Share:

Mutual Fund Dividend's Record Dates

Franklin Templeton Mutual Fund has announced 28 October 2016 as the record date for declaration of dividend under the following schemes. The amount of dividend (Rs per unit) on the face value of Rs 10 per unit will be:

Franklin India Dynamic PE Ratio Fund of Funds - Dividend Plan & Direct -Dividend Plan:
Individuals & HUF: 0.617
Others: 0.572
Franklin India Life State Fund of Funds-20s Plan-Dividend Option & Direct-Dividend Option:
Individuals & HUF: 1.923
Others: 1.783
Franklin India Life State Fund of Funds-20s Plan-Dividend Option & Direct-Dividend Option:
Individuals & HUF: 1.488
Others: 1.379
Franklin India Life State Fund of Funds-20s Plan-Dividend Option & Direct-Dividend Option:
Individuals & HUF: 0.979
Others: 0.908

SBI Mutual Fund has announced 28 October 2016 as the record date for declaration of dividend on the face value of Rs 10 per unit under the dividend option in regular plan & direct plan of SBI Arbitrage Opportunities Fund. 
The quantum of dividend will be Rs 0.05 per unit under each plan.

Reliance Mutual Fund has announced 28 October 2016 as the record date for declaration of dividend on the face value of Rs 10 per unit under Reliance Interval Fund II - Series 3. The amount of dividend (Rs per unit) will be:
Reliance Interval Fund II - Series 3-Dividend Plan: 0.7347
Reliance Interval Fund II - Series 3-Direct Plan-Dividend Plan: 0.7455

ICICI Prudential Mutual Fund has announced 28 October 2016 as the record date for declaration of dividend on the face value of Rs. 10 per unit under the dividend option & direct plan - dividend option of ICICI Prudential Capital Protection Oriented Fund - Series IV - Plan E 36 Months. 
The recommended rate of dividend will be Rs. 0.0500 per unit under each plan / option as on the record date.


Share:

DSP BlackRock Mutual Fund Dual Advantage Fund - Series 49 - 42M, a closed ended income scheme - New Fund Offer

DSP BlackRock Mutual Fund (MF) has launched a new fund named as DSP BlackRock Dual Advantage Fund - Series 49 - 42M, a closed ended income scheme.
The New Fund Offer (NFO) price for the scheme is Rs 10 per unit. The new issue will be open for subscription from 24 October to 07 November 2016.

The primary investment objective of the schemes is to generate returns and seek capital appreciation by investing in a portfolio of debt and money market securities.

The schemes also seek to invest a portion of the portfolio in equity & equity related securities to achieve capital appreciation. As far as investments in debt and money market securities are concerned, the schemes will invest only in securities which mature on or before the date of maturity of the schemes.

The scheme offers growth (option A) and dividend payout (option B) options under both regular plan and direct plan.

The scheme shall invest 50% to 95% in debt securities, up to 15% in money market securities with low to medium risk profile and 5% to -35% in equity & equity related securities with high risk profile.

The minimum application amount is Rs.5,000.  

Entry Load: Nil

Exit Load: Not Applicable.

Benchmark Index for the scheme will be CRISIL MIP Blended Index


The debt portion of the scheme will be managed by Laukik Bagwe & Pankaj Sharma. Equity portion of the scheme will be managed by Harrish Zaveri.
Share:

Reliance Dual Advantage Fixed Tenure Fund X - Plan A : New Fund Offer..!


Reliance Mutual Fund has unveiled a new fund named as Reliance Dual Advantage Fixed Tenure Fund X - Plan A, a close ended hybrid scheme with the duration of 1370 days from the date of allotment.

The New Fund Offer (NFO) price for the scheme is Rs 10 per unit. The new issue will be open for subscription from 24 October and close on 07 November 2016.

The scheme seeks to generate returns and reduce interest rate volatility, through a portfolio of fixed income securities that are maturing on or before the maturity of the scheme along with capital appreciation through equity exposure.

The scheme offers two options viz. growth and dividend payout option.

The scheme will allocate 70% to 95% of assets in debt securities, invest upto 25% of assets in money market instruments with low to medium risk profile and 5% to 30% of assets in equities & equity related instruments (including options premium) with medium to high risk profile.

The minimum application amount is Rs. 5,000.

Entry & exit load charge will be nil for the scheme.

Benchmark Index for the scheme is a mix of 80% CRISIL Composite Bond Fund Index & 20% Nifty 50 Index.


The fund managers for the scheme are Sanjay H.Parekh and Anju Chajjer.
Share:

MCX deepens its footprint in the GIFT City

MCX deepens its footprint in the GIFT City
Acquires office space for setting up BC & DR site and a training facility

In a move to expand the Exchange’s operations in terms of Technology (Business Continuity and Disaster Recovery – BC & DR) and Education, Multi Commodity Exchange of India Ltd (MCX), India’s No. 1 commodity exchange acquired office space in GIFT City earlier this month.

 This office space will be utilised by MCX to set-up a full-fledged Business Continuity Facility with state-of-the-art Disaster Recovery Infrastructure to carry out all critical operations and processes seamlessly and effectively in any eventuality.  The DR infrastructure planned at GIFT City will be more robust and less prone to failures which will be a replica of the primary site. The IT infrastructure at DR site will be hosted at Data Center which will be built and managed as per the international Tier-IV specifications.  

Additionally, MCX will also establish a training facility to conduct training programmes, and dissemination of knowledge for the enhancement of skill and capabilities of students and working professionals, desirous of making a career in commodity market.

Commenting on the development, Mr. Mrugank Paranjape, MD & CEO, MCX said, “With the world class infrastructure and allied facilities matching global standards at GIFT City, setting up a BC & DR facility at this location would ensure seamless continuation of exchange operations, aid in diversifying our risk, and further strengthening our competence in terms of processes, people and IT infrastructure.  Separately, it is also an opportunity for us to expand the footprint of our endeavour in adding financial market skill sets which holds the key for a healthy ecosystem at GIFT.”

 “Initiatives like GIFT City will go a long way in fructifying the Government’s vision of creating a vibrant International Financial Service Centre in India, which can compete with the best globally”, Mr. Paranjape added.

 Mr. Ajay Pandey, MD & CEO, GIFT City said, “With the presence of MCX, GIFT City has now achieved another important milestone. This is not only a valuable addition to the growth story of GIFT, but also validates its credentials of being India’s first and only Global Financial Hub. With state-of-the-art infrastructure and world-class amenities, GIFT continues to attract lot of interest from the major financial players of the country and aboard. It is gratifying to see some of this interests taking shape at the ground level: In all, GIFT has embarked on an expansion track and in the coming days, we will see more such developments taking place.”

 About MCX:
Having commenced operations on November 10, 2003, Multi Commodity Exchange of India Limited (MCX) is India’s first listed, national-level, electronic, commodity futures exchange with permanent recognition from the Government of India. In the financial year 2015–16, the market share of MCX was 84.30%. MCX offers the benefits of fair price discovery and price risk management to the Indian commodity market ecosystem. Various commodities across segments are traded on MCX. These include bullion, energy, metals and agri commodities. The exchange has forged strategic alliances with various Indian and International commodity exchanges and business associations. For more information about MCX and its products visitwww.mcxindia.com.  

About GIFT Company Limited (www.giftgujarat.in):
Gujarat International Finance Tec-City (GIFT City) is India’s First Global Financial Hub. Part of GIFT City is notified as a multi-service SEZ with International Financial Service Centre (IFSC) status which is catering to India's large financial services potential by offering global firms world-class infrastructure and facilities. It is attracting the top talent in the country by providing the finest quality of life. It is estimated that GIFT would provide 5 lakh direct and an equal number of indirect jobs which would require 62 million square feet of commercial, residential & social facilities with total investment of about Rs. 78,000 crore over next 10 years.


For further details, contact:


MCX
GIFT City
GIFT City
Ms. Shivani Sharma
Mr. Jinash Shah
Mr. Nisarg Acharya
Manager - Communications 
Head - Business Development
Manager
Mobile: +91 98333 76243
Mobile: 9879614377
Mobile: 8980006441           

Share:

SMS Alert on TDS to all Salaried Employees..!

The Union Finance Minister Mr. Arun  Jaitley said that better facilities and services to the income taxpayers are the central to Direct Tax Reforms.
He said, Te income tax payers have a right to know the deductions made from their salary / income on regular basis. More and more tax payer services have to be provided in order to make the people tax complaint. The Central Government’s commitment towards continuously upgrading tax payer services.”

 The Finance Minister Mr. Arun  Jaitley was speaking after launching the SMS Alert Service for direct taxes for nearly 2.5 crore private and Government salaried employees at a function in the national capital Delhi on October 24, 2016.

The new step is an effort by the Income Tax Department to directly communicate deposit of tax deducted, through SMS alerts to salaried taxpayers, at the end of every quarter.

In case of a mismatch, they can contact their deductor for necessary correction.
Simultaneously, SMS alerts will also be sent to deductors who have either failed to deposit taxes deducted or to e-file their TDS returns by the due date.

This initiative will initially benefit about 2.5 crore salaried cases. The CBDT will soon extend this facility to another 4.4 crore non-salaried taxpayers.
The frequency of SMS alerts will be increased, once the process for filing TDS returns is streamlined to receive such information on a real-time basis.


All income taxpayers who wish to receive such SMS alerts are advised to update their mobile numbers in their e-filing account.
Share:

MCX - Net Profit increased by 23% to Rs.37.65 crore

Multi Commodity Exchange of India Ltd (MCX)’s total income (standalone) increased by 7% to Rs.65.25 crore (Y-o-Y) for Q2 FY 2016-17

Net Profit (standalone) increased by 23% to Rs.37.65 crore (Y-o-Y) with Net Profit margin
Of 39% for Q2 FY 2016-17

EBITDA margin (standalone) stood at 58% for Q2 FY 2016-17

Mumbai, October 25, 2016: Multi Commodity Exchange of India Ltd (MCX), India’s No.1 commodity exchange announced its unaudited financial results for the second quarter & half year ended September 30, 2016.

Quarter 2, FY 2016-17 results

·                  For the quarter ended September 30, 2016, MCX’s total income increased by 7% to Rs.65.25 crore from Rs.61.25 crore for the corresponding quarter ended September 30, 2015.

·                  EBITDA for the quarter ended September 30, 2016 increased by 18% to Rs. 55.35 crore from Rs. 46.84 crore for the corresponding quarter ended September 30, 2015.

·                  Net Profit for the quarter ended September 30, 2016, increased by 23% to Rs. 37.65 crore from Rs. 30.59 crore for the corresponding quarter ended September 30, 2015.

·                  For the quarter ended September 30, 2016, the EBITDA margin was 58% and PAT margin was 39%.

H1 FY 2016-17 results

·                  For the half year ended September 30, 2016, MCX’s total income stood at Rs.128.23 crore vis-à-vis Rs.117.46 crore during the corresponding period in the previous year.

·                  EBITDA for the first half of FY 2016-17 stood at Rs.108.35 crore, as against Rs.85.66 crore in the corresponding half of the previous financial year.

·                  Net Profit for the half year ended Sept 30, 2016 stood at Rs.70.46 crore, representing a 36% growth over the corresponding period of FY 2015-16      

·                  For the half year ended Sept 30, 2016, the EBITDA margin was 57% and PAT margin was 37%.

Q2 & H1 FY2016-17 Operational Performance

·                  During Q2 FY2017 the Exchange’s market share in commodity derivative space has increased to 89.49% as against 84.13% in Q2 FY2016.

·                  The average daily turnover (ADT) traded on the Exchange has increased by 12% to Rs. 25,165 crore during Q2 FY2017 vis-a-vis the corresponding quarter of the previous year.

·                   The total number of commodity futures contracts traded on the Exchange for the quarter ended Q2 FY2017 increased by 3% to 61 million lots from 59 million lots in the corresponding quarter of Q2 FY2016.

·                  During H1 FY2017 the Exchange’s market share in commodity derivative space has increased to 89.16% as against 82.44% in H1 FY2016.

·                  The average daily turnover (ADT) registered an increase of 14% per cent to Rs. 24,878 crore in H1 FY2017 from Rs. 21,849 crore during the corresponding period in the previous year.

·                  The volume (in terms of commodity futures contracts traded on the Exchange) witnessed a healthy growth of 14 per cent in H1 FY2017 to 123 million lots, compared with 108 million lots traded in H1 FY2016.

Mr. Mrugank ParanjapeMD & CEO, MCX said: “While our business continues to grow steadily demonstrating its resilience, we are intensely focused on enhancing our talent pool and technology, to meet the evolving requirements. Further, strengthened regulatory architecture of India’s commodity derivatives market and introduction of new products such as options, along with the possible entry of institutional participants’ holds mammoth potential for MCX as it endeavours to meet the concomitant demand for risk management solutions of a growing economy.”



About MCX:
Having commenced operations on November 10, 2003, Multi Commodity Exchange of India Limited (MCX) is India’s first listed, national-level, electronic, commodity futures exchange with permanent recognition from the Government of India. In the financial year 2015–16, the market share of MCX was 84.30%. MCX offers the benefits of fair price discovery and price risk management to the Indian commodity market ecosystem. Various commodities across segments are traded on MCX. These include bullion, energy, metals and agri commodities. The exchange has forged strategic alliances with various Indian and International commodity exchanges and business associations. For more information about MCX and its products visit www.mcxindia.com.  

For further details, contact:
Shivani Sharma
Manager - Communications 
Mobile: +91 98333 76243




Share:

Topics

Blog Archive

நிதி முதலீடு

ADVT

Recent Posts

Latest Posts

Find us on Facebook

NRI INVESTMENTS