No hand baggage stamping at seven airports from April 1-The Total Investment & Insurance Solutions

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30 March 2017

The Central Industrial Security Force (CISF) has decided to do away with stamping of hand baggage tags at seven airports from April 1, an official said on Thursday.

Airports at Delhi, Mumbai, Kolkata, Bengaluru, Hyderabad, Cochin and Ahmedabad have been chosen for the new system to "upgrade" the security system for the convenience of passengers.

"The present system of stamping of hand baggage tags at pre-embarkation security check points for these seven airports shall be dispensed with from April 1, 2017," CISF Director General O.P. Singh said. The Total Investment & Insurance Solutions

The CISF chief said the step would enhance the passenger experience and provide hassle-free security environment at airports without compromising with the security requirements.

Singh said the paramilitary force, responsible for the security of 59 airports across India, had taken appropriate measures to "upgrade the security system by adopting this new system for the convenience of passengers". The Total Investment & Insurance Solutions

"The system will speed up the security check procedure and will give more time to CISF personnel for checking of suspected baggage," he added.The Total Investment & Insurance Solutions

Nifty, Sensex uptrend may continue – Wednesday closing report-The Total Investment & Insurance Solutions

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29 March 2017

I had mentioned in Monday’s closing report that Nifty, Sensex might rally a bit. The major indices of the Indian stock markets closed on both Tuesday and Wednesday.The trends of the major indices in the course of Wednesday’s trading are given in the table below:

 

Major Indices (The Total Investment & Insurance Solutions)

Indian equity markets traded in the positive territory during the mid-afternoon trade session on Wednesday as positive global cues, along with a strong rupee, buoyed investors' sentiments. Besides, the market sentiments were lifted as Finance Minister Arun Jaitley moved the Central Goods and Services Tax (CGST) Bill, 2017, along with three other GST Bills for consideration of and passage by the Lok Sabha. However, with the near month March 2017 derivatives contract expiry on Thursday, some caution prevailed. Buying was witnessed in banking, capital goods and consumer durables stocks. There were 702 advances, 964 declines and 94 unchanged. 

Positive global cues and declining USD/INR supported the bullish sentiment. FMCG (fast moving consumer goods), power, cement and telecom sector stocks witnessed good strength, while IT (information technology), pharma, auto, oil-gas, textile and media-entertainment stocks traded with mixed sentiments. The Total Investment & Insurance Solutions

All members of the Rajya Sabha should resign if they have any pride left, Congress leader M. Veerappa Moily said in the Lok Sabha on Wednesday, slamming the government for undermining the house of elders by bringing in legislation to the lower house as money bills to ensure their passage. The Congress leader was participating in a debate on four GST bills in the Lok Sabha. "It is the biggest step in federal law, federal finances. You are a representative of the council of states. Finance Minister, you are denying rights to yourself," Moily said, referring to Finance Minister Arun Jaitley, a Rajya Sabha member. The safe passage of the new legislation in Parliament will ensure stability in Indian stock markets.

Kotak Mahindra Bank announced its strategic plan to double its customer base in next 18 months. For this, the bank has launched a ‘unique new phenomenon called 811’. Uday Kotak says branch expansion will be more measured from here on as the bank can cater to a wider customer base with fewer branches. Kotak says the board will take decision on how much capital it will raise and how much of it will be primary. Kotak Mahindra Bank shares closed at Rs858.95, down 0.10% on the BSE. The Total Investment & Insurance Solutions

The top gainers and top losers of the major indices are given in the table below:

 

Top Gainer (The Total Investment & Insurance Solutions)

The closing values of the major Asian indices are given in the table below:The Total Investment & Insurance Solutions

Asian Indices (The Total Investment & Insurance Solutions)

Ineligible people queuing up at RBI to deposit old notes: Government-The Total Investment & Insurance Solutions

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29 March 2017

Several "ineligible" people were queuing up at Reserve Bank of India (RBI) counters to deposit demonetised notes, Parliament was informed on Tuesday.

"Several people who are ineligible queuing up at RBI counters making the queue longer," Minister of State for Finance Arjun Ram Meghwal told the Rajya Sabha in a written reply.

"As each application has to be checked at the counters for his/her absence from the country from passport stamp marks, it is taking considerable time for counter staff. It is compounded by the incomplete documentation," he said. The Total Investment & Insurance Solutions

Long queues are formed at Mumbai and Delhi only as large number of persons from the neighbouring states are turning up and several staff members have been engaged to attend to the large number of people turning up at the counters, Meghwal said.

"An officer of the rank of General Manger has been assigned the task at Mumbai Office. Department of Currency Management, Central Office have been advising the specific offices to deal with applicants with more sensitivity," he said.

As the last date for deposit by residents, who were not in India during the period from November 8 to December 30, 2016, is approaching more people are turning up, the Minister added.

The grace period for Indian citizens residing in India, who were abroad during November-December, 2016, is upto March 31, 2017 and for Indian citizens resident outside is up to June 30. The Total Investment & Insurance Solutions

The facility for exchange of Old currency notes is available at the RBI offices in Mumbai, Delhi, Chennai, Kolkata and Nagpur.The Total Investment & Insurance Solutions

SC bans sale, registration of BS-IV non-compliant vehicles-The Total Investment & Insurance Solutions

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29 March 2017

 

Vehicles (The Total Investment & Insurance Solutions)

In a major decision, the Supreme Court on Wednesday said no vehicles which are BS-IV emission non-compliant will be sold in the country after April 1, 2017.

Restraining the automobile manufacturers from selling BS-IV non-compliant vehicles from April 1, the bench of Justice Madan B. Lokur and Justice Deepak Gupta said all the vehicle-registering authorities are prohibited from registering BS-IV non-compliant vehicles from April 1.

Banning the sale, the court said the health of the people was "far far more important than the commercial interests of the manufacturers". The Total Investment & Insurance Solutions

However, the court said that if proof is furnished that the vehicle was purchased before April 1, then it will be allowed to be registered.The Total Investment & Insurance Solutions

ED attaches Rs263 cr assets of Deccan Chronicle group-The Total Investment & Insurance Solutions

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29 March 2017

The Enforcement Directorate Tuesday attached assets worth Rs 263.10 crore of Hyderabad-based Deccan Chronicle Holdings Limited (DCHL) in a bank loan fraud case.

The properties, including movable and immovable assets, shares, bank balances, foreign currency receivables and luxurious cars, were attached under the provisions of the Prevention of Money Laundering Act (PMLA). The Total Investment & Insurance Solutions

These properties are other than the properties pledged to banks by DCHL, the ED said in its provisional order. The Total Investment & Insurance Solutions

The bank loan fraud caused a loss of Rs 1,161.93 crore to 6 public sector banks -- Canara Bank, Andhra Bank, Indian Overseas Bank, Central Bank of India, Corporation Bank and IDBI Bank.

The ED had booked a case under the PMLA against the company and others based on a FIR and chargesheet by the Central Bureau of Investigation (CBI).

The CBI registered the FIR for criminal conspiracy and other provisions for causing wrongful loss of Rs 357.77 crore to Canara Bank. The Total Investment & Insurance Solutions

The CBI registered five more FIRs relating to five PSU Banks and filed 6 chargesheets.

The DCHL had allegedly availed loans by overstating the receivables, under-stating huge loan liabilities by furnishing fabricated financial statements and not disclosing the loans.

In all, it availed 111 loans amounting to Rs 10,000 crore from 16 different banks during 2004 to 2012. The Total Investment & Insurance Solutions

Of this, Rs 2,800 crore is outstanding to various banks as on September 2012 excluding interest.

These loans were used for other than the specified purposes, investing in 20 group companies and firms, acquiring companies with huge premiums, payments to Airbus towards purchase of cargo aircraft and payments to BCCI for Indian Premier League franchisee of Deccan Chargers.

The loans were also used payments towards dividends declared by DCHL, buy-back of shares, issue of bonus shares, purchase of luxurious cars in the name of associates/group companies, repayment of earlier loans taken, among others.

According to ED, the group companies of DCHL acquired movable and immovable properties with the loan received from DCHL and did not disclose the same in the audited balance sheet of the companies concerned with a view to obscuring the identity of such properties which amounted to money laundering.The Total Investment & Insurance Solutions

Banks to remain closed on April 1: RBI-The Total Investment & Insurance Solutions

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29 March 2017

The Reserve Bank of India (RBI) on Wednesday said banks need not remain open on April 1, as against its earlier order, because it may affect the annual closing, especially in view of the State Bank of India (SBI) merger. The Total Investment & Insurance Solutions

"In consultation with the government, it has been decided that while the agency banks are to keep all their branches dealing with government business open on all days in the current financial year (including Saturday, Sunday and all holidays) as already advised, these branches need not be kept open on April 1," the RBI said in a statement here.

"It has been represented that the opening of bank branches on April 1, may disrupt the annual closing, especially in view of merger of some banks taking effect from that date," the statement said. The Total Investment & Insurance Solutions

SBI merger with its five associate banks and Bharatiya Mahila Bank will come into effect from April 1. The Total Investment & Insurance Solutions

On March 24, RBI had asked all agency banks, including public sector banks and some private banks, to keep all their branches dealing with government business open on all days in the current financial year and on April 1.The Total Investment & Insurance Solutions

Nifty, Sensex may rally a bit – Monday closing report-The Total Investment & Insurance Solutions

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27 March 2017

I had mentioned in Friday’s closing report that Nifty, Sensex might give up some gains. The major indices of the Indian stock markets were range-bound on Monday and ended with losses over Friday’s close. The trends of the major indices in the course of Monday’s trading are given in the table below:

 

Major Indices (The Total Investment & Insurance Solutions)

Negative global cues and selling pressure witnessed in metal, automobile, and healthcare stocks subdued the Indian equity markets during the mid-afternoon trade session on Monday. The global markets were spooked as US President Donald Trump's failure to overturn his predecessor Barack Obama's healthcare reforms and increased concerns over his ability to implement economic policies. Following this, the US futures markets and the dollar, as well as the Asian markets, fell to lower levels. The European markets, too, opened broadly negative. There were 676 advances, 997 declines and 74 unchanged. There were 1,135 advances, 1,666 declines and 233 unchanged. The Total Investment & Insurance Solutions

While the global cues and stock market technicals have been unfavourable leading to losses in Monday’s trading, the news developments through the day on the macroeconomic front have been favourable indicating long term bullish trends. The Total Investment & Insurance Solutions

Finance Minister Arun Jaitley on Monday introduced the Central Goods and Services Tax (GST) Bill 2017 and three other bills related to the Goods and Services Tax in the Lok Sabha. The Central Goods and Services Tax (GST) Bill 2017 will make provision for levy and collection of tax on intra-state supply of goods, services or both by the central government. Besides, Jaitley also tabled the Integrated Goods and Services Tax Bill, 2017, which makes provision for levy and collection of tax on inter-State supply. Jaitley presented the Goods and Services Tax (Compensation to States) that will provide compensation to the states for the loss of revenue arising on account of implementation of the GST. The fourth bill -- Union Territory Goods and Services Tax Bill 2017 -- will make a provision for levy and collection of tax on intra-state supply of goods, services or both by the Union territories. The market is expected to be an upward trajectory once such taxpayer-friendly legislation is passed in Parliament.

Public sector banks moved higher in the hope that the government would either announce a new package to deal with its toxic assets or give the bankers more power to force recovery from the borrowers. Global oil prices which were expecting a US growth lead rally also fell even as production cartel talks resumed. The Indian rupee, however, hit an 18-month high as FIIs (foreign institutional investors) inflows continue to rise both in the equity and debt segment. In terms of investments, provisional data with exchanges showed that (FIIs) purchased stocks worth Rs577.88 crore, whereas the domestic institutional investors (DIIs) divested scrip worth Rs594.48 crore. Most IT (information technology) sector stocks traded down due to profit booking at higher levels, while banking sector stocks witnessed good recovery from lower levels in the second half of the session. Pharma, auto, oil-gas, power and telecom sector stocks traded with bearish sentiments throughout the session, whereas textile, media-entertainment and FMCG (fast moving consumer goods) sector stocks traded with mixed sentiments. Sector-wise, the S&P BSE metal index plunged by 307.81 points, followed by the oil and gas index, which dipped by 146.25 points, and the healthcare index, which fell by 124.22 points. On the other hand, the S&P BSE consumer durables index surged by 178.13 points, the FMCG index inched up 6.46 points, and the power index was a tad up by 3.03 points. The Total Investment & Insurance Solutions

The top gainers and top losers of the major indices are given in the table below: The Total Investment & Insurance Solutions

 

Top Gainer (The Total Investment & Insurance Solutions)

The closing values of the major Asian indices are given in the table below: The Total Investment & Insurance Solutions

Asian Indices (The Total Investment & Insurance Solutions)

Central GST Bill to apply pan-India except J&K for now-The Total Investment & Insurance Solutions

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27 March 2017

India moved a step closer to becoming a unified market in line with the federalist vision of the architects of its Constitution with the tabling in Parliament on Monday of the GST Bill, which extends pan-India except to Jammu and Kashmir.

Union Finance Minister Arun Jaitley introduced the Central Goods and Services Tax (CGST) Bill, 2017, along with three other related bills in the Lok Sabha.

The GST will subsume various indirect levies of the Centre and states like service tax, excise duty, octroi and value added tax (VAT). The Total Investment & Insurance Solutions

The states will have to get the state GST Bills passed by their respective assemblies. 

Jammu and Kashmir will need to pass all four bills in its state assembly, on account of its special powers on taxation under the Constitution. The Total Investment & Insurance Solutions

Jammu and Kashmir is the only state in the country with powers to tax services.

State Finance Minister Hasib Drabu had represented to the Empowered Committee (EC) of State Finance Ministers on GST last year, following which the EC agreed that GST will not be extended to the state in the current form. The Total Investment & Insurance Solutions

Drabu had submitted that the state's special taxation powers need to be protected while rolling out GST. The Total Investment & Insurance Solutions

Given Jammu and Kashmir's special status, of particular concern to the state government is that once the new tax takes off, the GST Council becomes more powerful than state legislatures, which requires to be resolved, Drabu said.The Total Investment & Insurance Solutions

BCI announces country-wide lawyers' strike on March 31-The Total Investment & Insurance Solutions

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27 March 2017

Lawyers all over India will abstain from work on March 31 to protest against a proposed bill that bars advocates from going on strike, it was announced on Tuesday. The Total Investment & Insurance Solutions

Bar Council of India (BCI) Chairman Manan Kumar Mishra said the proposed amendments by the Law Commission in the Advocates Act were "draconian, anti-lawyer, unconstitutional, undemocratic and anti-people". The Total Investment & Insurance Solutions

"The recommendations of the Law Commission are against the legal profession and legal education of the country is in danger because of this proposed bill," Mishra said.

"The regulation and control of legal profession and legal education is proposed to be handed over to non-lawyers and the advocates will have to face the disciplinary proceedings before people not connected with the legal profession." The Total Investment & Insurance Solutions

According to the BCI website, there were some 12 lakh lawyers all over the country as of 2013.

The Council said there were chances that charted accountants, architects, politicians, doctors and others would dominate the Bar Council due to the proposed legislation.

The Council urged the government to reject the recommendations of the Law Commission.

It said the Commission appeared to have acted hurriedly without considering the recommendations of the BCI and instead considered the suggestions of only non-lawyers.

"It (proposed bill) has defined the misconduct in such a provocative manner that any judge, judicial official or a client can easily say that the behaviour of the lawyer was unlawful, disgraceful or dishonourable," the Council said. The Total Investment & Insurance Solutions

"In a nutshell, the Council is of the unanimous opinion that the autonomy, democracy and the mandate of the Constitution of the country are proposed to be throttled by the said bill."

Judicial work in Delhi was paralysed on March 23 when some 6,000 lawyers went on strike to protest against suggestions that lawyers should be banned from going on strike and slapped with penalties if they do.The Total Investment & Insurance Solutions