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Mauritius largest source of FDI in India, says RBI

Written by Saturday, 20 January 2018 09:00

Mumbai, Jan 19 (PTI) Mauritius was the largest source of foreign investment in India, followed by the US and the UK, according to a census by the Reserve Bank.

Singapore and Japan were the next two sources of foreign direct investment (FDI), said the Census on Foreign Liabilities and Assets of Indian Direct Investment Companies 2016-17, released by RBI today.

Of the 18,667 companies that participated in the census, 17,020 had FDI/overseas direct investment in their balance sheets in March 2017, it said.

"96 per cent of the responding companies were unlisted in March 2017 and most of them had received only inward FDI; unlisted companies had higher share of FDI equity capital vis- -vis listed companies," it said.

Further, over 80 per cent of the 15,169 companies that reported inward FDI were subsidiaries of foreign companies (single foreign investor holding over 50 per cent of the total equity).

"Mauritius was the largest source of FDI in India (21.8 per cent share at market value) followed by the USA, the UK, Singapore and Japan whereas Singapore (19.7 per cent) was the major ODI destination, followed by the Netherlands, Mauritius, and the USA," the census said.

The census yields comprehensive information on the market value of foreign liabilities and assets of Indian companies arising on account of FDI, ODI and other investments.

"It is important to note that changes in outstanding asset/liabilities would be different from flows recorded in the balance of payments (BoP) during a year, as the former would also include valuation changes due to price and exchange rate movements," the central bank said.

The census data further said non-financial FDI companies had a much higher share in total foreign equity participation vis-a-vis financial FDI firms.

"The ratio of market values of inward to outward direct investment, increased to 4.3 in March 2017 from 3.6 a year ago; equity participation accounted for 94 per cent and 79 per cent shares in inward and outward FDI, respectively," it said.

The manufacturing sector accounted for nearly half of the total FDI at market prices; information and communication services and financial and insurance activities were the other major sectors that attracted FDI.

Total sales, including exports, of foreign subsidiaries in India increased by 18.7 per cent during 2016-17 whereas their purchases, including imports, increased by 20.1 per cent. Source : pti

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Parekh will also get a one-time equity grant of Rs 9.75 crores.

Infosys CEO Salil Parekh will be paid a fixed salary of Rs 6.5 crores and would be eligible for variable pay of Rs 9.75 crores at the end of the 2018-2019 fiscal year, according to a top company executive.

“Infosys CEO Salil Parekh will be paid a fixed salary of Rs 6.5 crores. He would be eligible for variable pay of Rs 9.75 crores at the end of the fiscal year,” independent board member at Infosys Kiran Mazumdar Shaw told PTI.

Former CEO Vishal Sikka earned USD 6.75 million in FY17 much to disliking of Infosys founder NR Narayana Murthy.

Wipro CEO Abidali Neemuchwala is getting a bit over USD 2 million.

Shaw, who is part of the Nomination and Remuneration Committee (NRC), said Parekh will also receive Rs 3.25 crores in restricted stock units.

“He will also get Rs 13 crores in annual performance equity grants,” she said.

Parekh will also get a one-time equity grant of Rs 9.75 crores, Shaw said.

The stock compensation will vest at different points over Parekh’s term. He has been appointed for a five-year term, and Parekh’s employment contract comes with a non-compete clause, Shaw said.

Parekh’s contract also specifies the amount he will be paid should he fail to meet minimum performance targets, company said in a postal ballot, Shaw said.

The company said in a postal ballot that Parekh will not work with named competitors for six months from the day he leaves the company.

He will also not work with or for a client to whom he has rendered service for the last 12 months, Infosys said. Source : ht

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Aadhaar seeding will eliminate multiple PF accounts: Official

Written by Saturday, 23 September 2017 10:24

Since, July 1, 2017, Universal Account No (UAN) generation requires mandatory Aadhaar seeding, bank details and mobile number.

The Employees Provident Fund Organisation (EPFO) on Friday said it will be able to eliminate multiple account numbers of an individual once the process of seeding Aadhaar is complete.

“Aadhaar seeding and bank account linking will help do away with multiple provident fund accounts, once merger of accounts happens with the help of Aadhaar seeding,” Additional Central PF Commissioner S B Sinha told PTI.

He said bank account linking will help members to remotely manage accounts and for claim settlements.

Speaking on the sidelines of a seminar on provident fund organised by ICC, Regional PF Commissioner Navendu Rai said there were 26 lakh regular contributing members in West Bengal at present, but the number of PF accounts issued from the state was about 70 lakhs.

“On an average, one person has three PF accounts (in West Bengal) due to change in employment,” he said.

Since, July 1, 2017, Universal Account No (UAN) generation requires mandatory Aadhaar seeding, bank details and mobile number.

Sinha said for old account holders, seeding is being carried out.

He said online submission of claims and settlements was possible in case of Aadhaar-seeded UAN holders.

“Employees will not require transferring their PF account to the new employer as with Aadhaar-seeded UAN numbers, transfer will happen automatically and seamlessly without any intervention of the member,” Rai said.

The Employees Provident Fund Organisation will send its officers to residences of pensioners for life certificates in case they need this service, and was procuring gadgets and tools for it.

“EPFO has also commenced self-certification for pre-mature withdrawal and pensioners’ portal for disbursal details,” Sinha added. Source : ht

 

 

 

 

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The RBI in a statement said that it has come across some “misinformed communication” circulating in some section of media, including social media, about closure of some public sector banks in the wake of their being placed under the PCA.

Dismissing rumours, both the government and the Reserve Bank on Friday said there was no question of closure of any public sector bank.

The decision of the Reserve Bank to initiate a ‘prompt corrective action’ (PCA) against large state-owned lender Bank of India led to rumours that the government may close down some banks.

The RBI in a statement said that it has come across some “misinformed communication” circulating in some section of media, including social media, about closure of some public sector banks in the wake of their being placed under the PCA.

The government too dismissed such rumours saying that on the contrary it is planning to strengthen the state-owned banks.

“No question of closing down any Bank. Government is strengthening PSBs by 2.11 lakh crore recapitalisation plan. Do not believe rumour mongers. Recap, Reforms roadmap for PSBs firmly on track,” said financial services Secretary Rajeev Kumar in a tweet.

The RBI, on its part, clarified that “the PCA framework is not intended to constrain normal operations of the banks for the general public”.

The central bank had issued a similar clarification in June also.

It emphasised that the PCA framework has been in operation since December 2002 and the guidelines issued on April 13, 2017 are only a revised version of the earlier framework.

Besides Bank of India, the RBI has also initiated similar action against other public sector banks including IDBI Bank, Indian Overseas Bank and UCO Bank.

The RBI said that under its supervisory framework, it uses various measures/tools to maintain sound financial health of banks.

“PCA framework is one of such supervisory tools, which involves monitoring of certain performance indicators of the banks as an early warning exercise and is initiated once such thresholds as relating to capital, asset quality etc. are breached,” it said.

The objective is to facilitate the banks to take corrective measures including those prescribed by the RBI, in a timely manner, in order to restore their financial health.

The framework also provides an opportunity to the RBI to pay focused attention on such banks by engaging with the management more closely in those areas.

“The PCA framework is, thus, intended to encourage banks to eschew certain riskier activities and focus on conserving capital so that their balance sheets can become stronger,” the RBI added. Source : ht

 

 

 

 

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Air Deccan takes wings again, flies to Jalgaon

Written by Monday, 18 September 2017 09:34

India’s first low-cost carrier Air Deccan, which ceased operations after being acquired by erstwhile Kingfisher Airlines in 2008, took off wings again as a commuter airline with its maiden flight taking off for Jalgaon from Mumbai on Saturday.

The flight, DN 1320, took off for Jalgaon, around 400 km from here in North Maharashtra, from the Chhatrapati Shivaji International Airport (CSIA) here this afternoon.

“It’s a sense of great beginning. A sense of being fortunate that Air Deccan is taking off again,” Air Deccan chairman Capt G R Gopinath told PTI.

There was a dream of taking flying to every possible corner of the country, which did not come to fruition because of Air Deccan’s merger with the Kingfisher Airlines in 2008, he said.

“Now I have the opportunity to relaunch operations across the country,” said the pioneer of low-cost aviation in India.

The flight was inaugurated by Maharashtra PWD Minister Chandrakant Patil along with Gopinath.

However, the maiden flight was marred by delay. The aircraft took off at around 2.55 pm instead of the scheduled departure of 1.20 pm. It landed at the Jalgaon airport at 4 pm where it was given a traditional water cannon salute.

Air Deccan’s strategic partners Shaishav Shah of Ahmedabad-based GSEC Ltd and Himanshu Shah of Monarch Networth Capital as well as senior DGCA officials were on-board the inaugural flight.

Air Deccan received the scheduled commuter operator (SCO) permit from regulator Directorate General of Civil Aviation (DGCA) yesterday.

In the first phase of operations, Air Deccan plans to provide connectivity to Jalgaon, Nashik and Kolhapur from Mumbai and Pune.

Air Deccan had bagged 34 routes in the first phase of bidding for Udan scheme, which caps fares at Rs 2,500 for a flight under hour duration.

For the Jalgaon flight, the airline has pegged fares at Rs 2,250 for 50 per cent of the seats, to be operated under the Regional Connectivity Scheme, while the ticket price for the remaining nine will be Rs 4,500 per seat, an official said.

Air Deccan has deployed a 19-seater plane, Beachcraft B-1900D, (18 passengers and one crew member) on the Mumbai- Jalgaon route. The same aircraft will come back to Mumbai and then fly to Nashik this evening.

Flight operators, awarded routes under the scheme, are entitled to a subsidy to keep fares low for the passengers. An airline has to set aside 50 per cent of its seating capacity at the discounted fares. Source : ht

 

 

 

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GST effect: Rs 800 crore dip in state revenue

Written by Saturday, 16 September 2017 12:18

 

HYDERABAD: As feared by the Telangana government, the newly introduced Goods andServices Tax (GST) has administered a big shock to the state. In a development that the state is still trying to figure out, the first month of GSTimplementation showed a dip of `800 crore in the revenue.In July, the first month of GST, Telangana received Rs 850 crore under state GST, Rs 690 crore from petroleum products which are not under GST, Rs 500 crore from the sale of liquor, and `150 crore from other taxes. Through central GST, the state contributed around Rs 518 crore and another Rs1,000 crore was estimated to be collected as Integrated GST (IGST), and both these amounts were credited to the Government of India account. A senior official said, "The tax collected on products coming in from other states and consumed here will come under IGST. Though Telangana has a share in that, there is no clarity over the amount to be shared by each state."

Inflicting more pain on the state, the Centre has postponed devolution of central funds to states to 15th of every month as against the first. The delay is creating havoc as states are left with no money after paying salaries, pensions in first week.

Adding to the woes, the Centre has once again extended the date of the filing of GST returns. The due date for the filing of returns for GSTR-1 has been revised to October 10 from September 10. While GSTR-2 has a revised due date of October 31 from September 25, GSTR-3 has been revised to November 10 from September 30. The dates for filing returns of GSTR-4 for the tax period of July to September 2017 remains unchanged at October 18.

"We are now clueless as to when we would get our rightful share in the GST from the Centre as it has to adjust the accounts after the returns are filed," said an official in the revenue department.

In June, a month before the launch of GST, Telangana collected `3,200 crore revenue through commercial taxes, excise, transport and other taxes. After GST came into force in July, the state received only Rs 2,400 crore, which is Rs 800 crore less than what it had earned in the previous month. Another disadvantage for Telangana is that it would not get compensation for loss of revenue as the state already reported more than 14 per cent annual growth in the tax revenue. In the GST regime, states with less than 14 per cent growth are eligible for making a claim for compensation. The figures related to August has not yet been compiled but state officials apprehend that tough days are ahead for the state with regard to the implementation of GST.

 

 

 

 

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Rupee opens 3 paise down at 64.15 against US dollar

Written by Friday, 15 September 2017 06:38

 

The rupee on Friday opened 3 paise down at 64.15 against dollar on account of buying in American currency by banks and importers amid persistent foreign capital outflows. 

The local currency on Thursday settled 12 paise down at 64.12 against dollar. 

Foreign portfolio investors sold shares worth a net Rs 762.42 crore on Thursday, as per data available with NSDL. 

Meanwhile, domestic equity markets opened in red following weak global cues. The BSE Sensex opened 34.30 points, or 0.11 per cent, down at 32,207.63, while NSE Nifty index opened 24.25 points, or 0.24 per cent, down at 10,062.35. 

Other Asian stocks were mostly trading lower after North Korea launched a missile in the direction of the east. As per reports, the unidentified missile flew over Japan before landing 2,000 km east of Hokkaido. 

US equities closed mostly lower on Thursday after strong inflation data raised the possibility of tighter monetary policy from the Federal Reserve. However, the Dow index closed at its record high. 

 
 

 

 

 

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Mumbai: Pretty soon, your wallets will boast of Rs 100 coins as the government is set to introduce these new coins to commemorate the birth centenary of Bharat Ratna awardee and former Tamil Nadu Chief Minister late M G Ramachandran.

According to a statement by the Ministry of Finance, the government will also roll out new Rs 5 coins to mark this occasion. “The coins of the following denominations (Rs 100 and Rs 5) shall also be coined at the Mint for issue under the authority of the Central Government to commemorate the occasion of Dr MG Ramachandran birth centenary,” the Ministry of Finance said in a notification dated September 11.

The newly minted coins will be etched with MGR’s portrait in the centre. The words- 'Dr M G Ramachandran Birth Centenary' will be inscribed in the lower periphery while the same will be inscribed in the Devanagari script on the upper periphery.

The years marking the great actor and politician’s lifetime -'1917-2017' will be etched below his sketch, said the notification.

The reverse side of the coin will bear the Lion Capital of Ashoka Pillar in the centre with the inscription 'Satyamev Jayte'.

The Rs 100 will weigh 35 grams and will be made of 50 per cent silver, 40 per cent copper, 5 per cent nickel and 5 per cent zinc.

The Rs 5 coins will weigh 6 grams and will be made of 75 per cent copper,  20 per cent zinc and 5 per cent nickel.

Marudur Gopalan Ramachandran, popularly known as 'MGR', was the founder of the All India Anna Dravida Munnetra Kazhagam (AIADMK), the ruling party in Tamil Nadu now.

The film actor, who was elected as the chief minister thrice in his lifetime, was awarded the Bharat Ratna posthumously in 1988. He continues to be a political and cultural icon.

 

 

 

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The Reserve Bank of India used sophisticated Currency Verification and Processing (CVPS) machines for checking the accuracy or the demonetised Rs 500 and Rs 1000 currency notes.

Quoting a Right To Information (RTI) reply, PTI had earlier reported that RBI was not using machines for counting Specified Bank Notes (SBNs).

The central bank in a late Sunday evening press release said that the "RBI actually uses sophisticated Currency Verification & Processing (CVPS) machines for checking the numerical accuracy and genuineness of the currency notes, including SBNs (including SBNs scrapped on November 8). These machines are way superior to the note counting machines."

According to the PTI report, the Reserve Bank of India (RBI) had said in an RTI reply that counting machines are "not being used" for tallying the total number of demonetised notes of Rs 500 and Rs 1,000 in any of its offices.

The central bank, which is responsible for printing of currency notes, later said, "With a view to augmenting processing capacity, RBI is using the available machines in two shifts and has been using some machines temporarily drawn from commercial banks after suitable modifications and it is also exploring other options to augment processing capacity even further."

In the RTI reply, RBI refused to give the total number of personnel deployed for counting of the scrapped notes, saying compiling the information would "disproportionately divert" its resources.

"Counting machines are not being used for the purpose in any offices of Reserve Bank of India," the RBI said in the RTI reply dated August 10.

The central bank also said no counting machines were taken on lease to reconcile the total figure of the junked notes.

It was asked to give details about machines being used for counting the Rs 500 and Rs 1,000 notes.

RBI also denied sharing information on the total number of personnel deployed for counting of the old notes.

"Compiling the information would disproportionately divert the resources, the information sought cannot be furnished as per Section 7 (9) of RTI Act, 2005," the RBI said in its reply to the RTI query filed by a PTI correspondent.

In its annual report for 2016-17 released on August 30, the RBI had said Rs 15.28 lakh crore, or 99 percent of the demonetised 500 and 1,000 rupee notes, had returned to the banking system.

It further said that only Rs 16,050 crore out of the Rs 15.44 lakh crore in the old high denomination notes have not returned.

As on November 8, 2016, when the note ban was announced by Prime Minister Narendra Modi, there were 1,716 crore pieces of Rs 500 and 686 crore pieces of Rs 1,000 notes in circulation, totalling Rs 15.44 lakh crore, it had added.

RBI is exploring other options to further augment the processing capacity.

 

 

 

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This Is What States Are Demanding From GST Council

Written by Saturday, 09 September 2017 12:24

 

As the 21st meeting of the Goods and Services Tax (GST) Council kick-started in Hyderabad on Saturday, various states brought different concerns on board. The demands ranged from the issues faced by businesses in filing their maiden returns for the month of July to concerns over GST being levied on public utility projects. Chaired by Finance Minister Arun Jaitley, the 21st meeting of the GST Council was being attended by finance ministers of states and GST Secretariat officials.

Over 150 delegates were attending the meet being held at the Hyderabad International Convention Centre, news agency Indo-Asian News Services (IANS) reported.

Telangana is seeking relief for public utility projects like irrigation schemes, Mission Kakatiya for restoration and revival of tanks and for providing piped drinking water to every household and a two-bed room housing scheme for the poor, IANS said.

Telangana Finance Minister E Rajender said the state would reiterate the demand for scrapping GST on ongoing work contracts or at least reducing it to 5 per cent. The state is also seeking reduction in GST for the granite, marble industry and the beedi sector in view of their huge employment potential.
He said most of the states were supporting reduction in GST on public utility projects.

Telangana argues that its flagship projects were launched before July 1, when GST came into effect, and hence it will not be fair to impose a higher slab.

On the other hand, Jammu and Kashmir Finance Minister Haseeb Drabu said that the issues faced by GSTN are operational and technical, and these would have happened even if the GST was implemented a year later. Mr Drabu suggested that a group of ministers be formed to look into issues faced by taxpayers on GSTN portal.

Ahead of the meet, West Bengal Finance Minister Amit Mitra said that although it was claimed that GSTN can handle 3 billion invoices, the glitches in the portal show that GST was implemented in haste. Mr Mitra suggested that a white paper be brought out on the preparedness of GSTN-- the company which operates the IT backbone for GST.

Due to a huge rush of July GSTR-3B return filing on the penultimate date, the GSTN software witnessed glitches and the last date of filing was extended. Also the date of final return filing for GSTR-1 was extended to September 10 in view of rush in invoice uploading.

Ahead of the meeting, Andhra Pradesh Finance Minister Y Ramakrishnudu said that he will highlight various demands that the state had made earlier. "After the implementation of GST, as per our initial estimation, the state may see a short fall of Rs. 2,900 crore in revenue," Ramakrishnudu said, reported news agency Press Trust of India. "We also requested the Council to take a lenient view on the tax slab with regard to ongoing government projects. As of today, projects worth about Rs. 20,000 crore are under implementation," he saiid.

 

 

 

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