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Cabinet approves setting up of a Commission to examine the Sub-Categorization within OBCs
Aug 23,2017

The Union Cabinet chaired by Prime Minister Shri Narendra Modi approved a proposal for setting up of a Commission under article 340 of the Constitution to examine the issue of sub-categorization of the Other Backward Classes (OBCs).

The Commission shall submit its report within 12 weeks from the date of appointment of the Chairperson of the Commission. The Commission shall be known as the Commission to examine the sub-categorization of Other Backward Classes.

The proposed terms of references of the Commission are as follows:

(i) To examine the extent of inequitable distribution of benefits of reservation among the castes/ communities included in the broad category of OBCs, with reference to the OBCs included in the Central list.

(ii) To work out the mechanism, criteria, norms and parameters, in a scientific approach, for sub-categorization within such OBCs, and,

(iii) To take up the exercise of identifying the respective castes/communities/ sub-castes/ synonyms in the Central List of OBCs and classifying them into their respective sub-categories.

The Supreme Court in its order dated 16.11.1992 in WP(C) No. 930/1990 (Indra Sawhney and others vs. Union of India) observed that there is no Constitutional or legal bar to a State categorizing backward classes as backward or more backward and had further observed that if a State chooses to do it (sub-categorization), it is not impermissible in law.

Nine States of the country viz., Andhra Pradesh, Telangana, Puducherry, Karnataka, Haryana, Jharkhand, West Bengal, Bihar, Maharashtra and Tamil Nadu have already carried out sub-categorization of Other Backward Classes.

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Cabinet gives in-principle approval for Public Sector Banks to amalgamate through an Alternative Mechanism (AM)
Aug 23,2017

The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has given in-principle approval for Public Sector Banks to amalgamate through an Alternative Mechanism (AM). The decision would facilitate consolidation among the Nationalised Banks to create strong and competitive banks.

Salient features:

The salient features of the approval Framework for Consolidation of Public Sector Banks are as follows:

n++ The decision regarding creating strong and competitive banks would be solely based on commercial considerations.

n++ The proposal must start from the Boards of Banks.

n++ The proposals received from Banks for in-principle approval to formulate schemes of amalgamation shall be placed before the Alternative Mechanism (AM).

n++ After in-principle approval, the Banks will take steps in accordance with law and SEBIs requirements.

n++ The final scheme will be notified by Central Government in consultation with the Reserve Bank of India.

Background:

In 1991, it was suggested that India should have fewer but stronger Public Sector Banks. However, it was only in May 2016 that effective action to consolidate public sector banks began to be taken by announcing amalgamation of six banks into the State bank of India. The merger was completed in record time, unlike earlier mergers of State Banks of Indore and Saurashtra.

SBI is now a single bank with about 24000 branches, over 59000 ATMs, 6 lakh POS machines and over 50,000 business correspondents, which serve all parts of the country, including far flung areas. Indeed 70% of SBIs network lies in rural and semi urban areas. In that sense, the bank serves to unite India through a uniform banking culture. It also has a significant international presence, and is one of the largest global banks. Its size, financial strength and outreach have made it possible for customers to access a worldwide network of branches across all time zones, as well as to a very wide variety of banking products and superior technology. Loans to the small business man or woman and to the Krishak have become cheaper as SBI offers the lowest lending rates. More than 8.6 lakh merchants have been on board on BHIM Aadhaar, Bharat QR and POS, increasing the digital banking footprint. SBI has successfully raised Rs.15,000 crore QIP.

There are now 20 PSBs other than SBI. The banking scenario has changed since 1970/80 when banks were nationalised, with an increased banking presence from Private Sector Banks, non-banking Financial Companies, Regional Rural Banks, Payment Banks and Small Finance Banks. The decision is expected to facilitate the creation of strong and competitive banks in public sector space to meet the credit needs of a growing economy, absorb shocks and have the capacity to raise resources without depending unduly on the state exchequer.

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Approval of MoU between India & Nepal for laying down implementation arrangement for construction of new Bridge over Mechi River at Indo-Nepal border
Aug 23,2017

The Union Cabinet chaired by Prime Minister Shri Narendra Modi approved a Memorandum of Understanding (MoU) to be signed between India and Nepal for laying down implementation arrangement on Cost sharing, Schedules and Safeguard issues for starting construction of a new Bridge over Mechi River at Indo-Nepal border.

The estimated cost of construction of the bridge is Rs. 158.65 crore, which would be funded by Government of India through ADB loan. The new bridge is part of up-gradation of the Kakarvitta (Nepal) to Panitanki Bypass (India) on NH 327B covering a length of 1500 meters including a 6 lane approach road of 825 meters. Mechi Bridge is the ending point of Asian Highway 02 in India leading to Nepal and provides critical connectivity to Nepal.

The construction of the bridge will improve regional connectivity and has potential to strengthen cross border trade between both the countries and cementing ties by strengthening industrial, social and cultural exchanges.

National Highway and Infrastructure Development Corporation (NHIDCL) under Ministry of Road Transport & Highways has been designated as the implementing agency for this project. DPR for this project has been prepared and alignment of bridge has been finalized in consultation with Government of Nepal.

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Cabinet approves MoU between India & Nepal on Drug Demand Reduction and Prevention of Illicit Trafficking in Narcotic Drugs and Psychotropic Substance
Aug 23,2017

The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has given its approval for signing of a Memorandum of Understanding (MoU) between India and Nepal on Drug Demand Reduction and Prevention of Illicit Trafficking in Narcotic Drugs and Psychotropic Substances and precursor chemicals and related matters.

The MoU lists out the areas of cooperation on drug matters between the two countries. It also indicates the mechanism of information exchange and the competent authorities in the two countries who are responsible for the implementation of the MoU and exchange of any information.

Cooperation on drug matters is expected to curb the illicit traffic of narcotic drugs, psychotropic substances and precursor chemicals in the two countries.

The MoU provides that the Parties shall endeavour to: -

(i) develop mutual cooperation with a view to effectively resolving the issue of illicit traffic in narcotic drugs, psychotropic substances and their precursors, cooperate in drug demand reduction through prevention, awareness, education and community based programmes, treatment and rehabilitation; and

(ii) exchange information of operational, technical and general nature in drug matters, exchange literature on their existing laws, rules, procedures, best practices and methods of curbing illicit trafficking in narcotic drugs, psychotropic substances and their precursors and any further amendments to the existing legislation.

Background:

India has always supported global efforts to counter drug trafficking and is party to several multilateral and bilateral initiatives in this regard as also United Nations (UN) led initiatives. In accordance with the spirit of UN Conventions on Narcotic Drugs, effort is made to enter into Bilateral Agreements/MoUs with neighbouring countries and the countries which have a direct bearing on the drug situation prevailing in our country. Such Bilateral Agreements/ MoUs have already been executed with various countries. The proposed MoU with Nepal is another such MoU which shall be entered for the purpose of bilateral cooperation on drug matters.

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Cabinet approves transfer of 40 acres of AAI land at RR station, Dahisar to MMRDA
Aug 23,2017

The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has given its approval for transfer of 40 acres of Airports Authority of India (AAI) land at RR station, Dahisar to Mumbai Metropolitan Region Development Authority (MMRDA) for its metro shed swapping with 40 acres of State Government land at Gorai, Mumbai. The land transaction will enable MMRDA to complete the Metro rail project in Mumbai. Modalities:

While considering the proposal, the Cabinet has approved following modalities:

i. MMRDA will pay the difference in cost of land of 40 acres, as per the stamp duty ready reckoner rate based on 2016-17 arrived at Rs. 472.70 crore or as per the ready reckoner rate at the time of final handing over of land, whichever is higher.

ii. MMRDA will hand over the 40 acres of land at Gorai after leveling, grading and demarcating the boundary in all respects. MMRDA will also hand over all the land documents, revenue maps of Gorai land duly mutated in the Records of Rights in the name of AAI.

iii. MMRDA will identify / demarcate 40 acres of land retaining 24 acres of land for AAI, with clear access / approach from the nearby city road.

iv. AAl will also handover at least 2000 sqm. of land at Dahisar in advance on temporary basis.

Employment Generation Potential:

The present proposal will generate employment for skilled, semi-skilled labourers along with job opportunities for technical experts, also there will be creation of jobs in manufacturing industries involved in the metro construction work. After operationalisation of Metro Car Shed, there will be generation/ creation of direct/indirect employment.

Background:

Maharashtra Government is implementing Mumbai Metro Rail Master Plan (146.50 Km) in phases to augment the overall public transport capacity of Mumbai. A special purpose vehicle namely, Mumbai Metro Rail Corporation (MMRC) under the MMRDA has been erected for implementing the Mumbai Metro project. MMRC has planned to construct a car shed on the Dahisar (E) to Andheri (E) metro corridor. A portion of the identified land for car shed i.e. 17.47 Ha (approx. 44 acres) is owned by AAI. AAI owns a total land area of approx. 64 acres at Dahisar where Remote Receiving Station is located. Some part of the land is encroached.

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Cabinet approves allotment of land to Madhya Pradesh Government for construction of its State Guest House in Delhi
Aug 23,2017

The Union Cabinet chaired by the Prime Minister Shri Narendra Modi today has given its approval to allot Plot No. 29-C & 29-D measuring 1.478 acres or 5882.96 sq. meters on the T-Junction of Jesus and Mary Marg with Dr. Radhakrishnan Marg, Chankyapuri, New Delhi to the Madhya Pradesh Government for construction of its State Guest House in Delhi as per the prevailing rates with the following conditions: -

(i) That the Madhya Pradesh Government will surrender the land measuring 0.89 acres at 2, Gopinath Bardolai Marg, Chanakyapuri, New Delhi to L&DO/MoHUA after completion of the construction of its State Guest House on the allotted land.

(ii) That the Madhya Pradesh Government will pay for the difference in the area of the land measuring 0.59 acres at the present land rates as both the lands are in the same zone of land rates.

(iii) That the Madhya Pradesh Government will pay the occupation charges on 0.89 acre already in possession at the present land rates, till it is surrendered by Govt. of Madhya Pradesh to L&DO/MoHUA.

The allotment of land will benefit the Madhya Pradesh Government for construction of its State Guest House with all modern facilities keeping in view their present and future requirements.

The Madhya Pradesh Government will not utilise this land for any purpose other than for construction of its State Guest House. While constructing the building, the Madhya Pradesh Government will adhere to all existing building bye-laws, Master Plan norms, etc.

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There is an increase in the acreage of cotton but the lack of rains in the growing period of the crop may affect the yields
Aug 23,2017

For the Kharif sowing season, which begins from June, the south west monsoon is the main source of irrigation for more than half of India. Kharif crops are normally cultivated on around 1060 lakh hectares.

The cumulative rainfall for the country during the period from June 1st to August 16th, 2017 is 572.4 mm which is 4% less than the normal rainfall of 598.2mm. The rainfall has been large or excess in 6, normal in 20 and deficient/large deficient in 10 out of 36 meteorological subdivisions. The number of divisions with normal to largely excess rainfall is 26. There are now 10 divisions which have deficient rainfalls so far. In comparison with last year, where there were 6 divisions with deficient rainfall, this year in 2016-17 the number has increased to 10. Regions of Marathawada, East and West Madhya Pradesh, Karnataka, Vidarbha and Kerala are some of the divisions which fall in the category of deficient.

- There is an increase in the acreage of cotton but the lack of rains in the growing period of the crop may affect the yields.

- Lower price realization last year on oil seeds have made the farmers switch the crop from oil seeds to cotton and sugar cane

- The prices for oil seeds in market currently are the lowest in the past five years. This acts as a barrier for farmers from planting oil seeds.

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Moodys Liquidity Stress Index remains close to all-time low in August, reflecting strong spec-grade liquidity
Aug 23,2017

Moodys Liquidity Stress Index (LSI) remained at 3.3% in mid-August, unchanged from its reading at the end of July and just above its record low of 2.8%, set in April 2013, the rating agency says in its most recent edition of SGL Monitor. The index indicates that US speculative-grade liquidity is strong and supports a continued low speculative-grade default rate, which Moodys forecasts will fall to 2.6% in July next year from around 3.7% today.

Moodys Liquidity-Stress Index falls when corporate liquidity appears to improve and rises when it appears to weaken.

A growing US economy and capital markets amenable to funding new investments and refinancing maturities continue to forestall widespread liquidity strains for speculative-grade companies, said Moodys Senior Vice President John Puchalla. At the same time, a rebound in production is boosting the energy sectors earnings and liquidity. Liquidity problems of late are largely confined to firms under competitive pressure or in industries experiencing secular decline, such as publishing.

No energy companies have been downgraded to Moodys lowest speculative-grade liquidity rating, SGL-4, so far in 2017, though the sector contributed more than half of such downgrades in 2015 and 2016, Puchalla says in Energy liquidity gains lead LSIs drop. This improvement helped the oil & gas LSI drop to 7.2% at the end of July, below its long-term average of 8.1% and far below its record high of 31.6%, set in March 2016.

Meanwhile, Moodys Covenant Stress Index slipped to 2.8% in July from 2.9% the prior month. The drop suggests that US speculative-grade companies for the most part face little imminent risk of violating their financial maintenance covenants.

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Industry 4.0: Innovative towards smart manufacturing: Secretary, Heavy Industries
Aug 23,2017

The department of heavy Industries have approved four chlorofluorocarbons (CFCs) on industries 4.0 by the end of this month, said Mr Girish Shankar, Secretary (HI), Department of Heavy Industries said at an ASSOCHAM event.

We are going to connect these centers into a hub and call it SAMARTH (Smart and Advanced Manufacturing and Rapid Transformation Hubs) Udyog, said Mr Girish Shankar, Secretary (HI), Department of Heavy Industries.

The government is drafting new Integrated Industrial Policy to enable this dream. The target of 25% is one of the factors requiring new industrial policy. The biggest is that a silent change is happening in the west to regain their document position. It is based on knowledge of connecting entire value chain to enable behaving as one. The connections are being provided by information and communication technologies in the cyber physical system. India needs to be aware this change.

In our quest for gaining manufacturing superiority, we need to develop and support advanced, high value and innovative manufacturing. It all pertains to producing technologically complex products through the application of cutting-edge technical knowledge, which have strong potential to bring sustainable growth and high economic value.

We are witnessing the rise of protectionism in almost all parts of the world; nations want to protect technology, jobs by insulating themselves from open globally linked trade. Even in such an atmosphere, those who provide the best quality at the most competitive price will be able to penetrate protectionist tendencies and grow their market globally.

This demand that industry push its productivity by embracing latest technology and leverages the use of new concepts such as industry 4.0. The fourth industrial revolution, industries 4.0 demands the industry to be innovative and change quickly to ensure global competitiveness.

These factories of future will provide first hand exposure to Indian manufacturing sector. Industry can experience the processes. They can have themselves trained in specific skills and get industrial consultancy support to kick start Smart processes in their own factories.

The department of science and technology has mandated technology information, forecasting & Assessment council to draft a DPR for creating 10 or 12 centres of excellence in industrial R & D applied to industry 4.0 and related technologies.

The ministry of skill development and entrepreneurship has also formed a Task Force to create skill eco-system for new and transformed trades required for industry 4.0.

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Centre to link all police stations, judiciary & enforcement agencies with CCTNS: Kiren Rijiju
Aug 23,2017

The Central Government will link all police stations across India and further integrate all the data with courts, judiciary officers and enforcement agencies under the Crime and Criminal Tracking Networks and Systems (CCTNS) to combat security breaches that tend to break confidence of industry, trade and commerce, Union Minister, Mr Kiren Rijiju said at an ASSOCHAM event.

n++CCTNS has just been launched, it is going to be a path-breaking and revolutionary step. Within India if anybody commits a crime, will not be spared because we have to create a situation in which we are on board on any issue,n++ said Mr Rijiju.

Highlighting that CCTNS has been launched on the lines of GST (Goods and Services Tax) with a view to link entire country under one security umbrella, he said that this network we will secure the nation because anybody who commits some kind of crime then it will be difficult for him to run away.

He also said that till now India had so many gaps in terms of collaboration amid states and centre on security front. n++But with the launching of CCTNS, all the states together with all the agencies of the central government including higher-up authorities and judiciary all will be linked.n++

He also said that it is not only the justice delivery system but the readymade data available in tracking the crimes and criminals will become so easy, that will create a confidence among the people as it will cover everything from the economic crimes to petty crimes.

n++This is just a process going on, so more suggestions and experiences are part of the whole process and we will incorporate all the necessary ingredients as the time goes by,n++ said the Minister of State for Home Affairs.

Mr Rijiju said that India is yet to go through an industrial revolution phase which every developed country had passed through.

n++We have not really seen that kind of a revolutionary phase in India, we have just progressed step-by-step in an incremental manner, we have to transform, we have to make a huge jump, that means entire industry and government machinery have to come together on board in order to realise this dream,n++ said the Union Minister.

He added that if India cannot propel into a great world-power under Narendra Modis prime-ministership then it will take may be centuries again.

He also said that manufacturing sector has to be the base of Indias economic growth.

n++To be practical, the services sector cannot be basis of Indias economy, it is a knowledge-based industry but the push has to come from manufacturing, which has to be our base,n++ said Mr Rijiju.

Talking about the role of small and medium enterprises (SMEs) in Indias economic development, he urged the private sector to take lead role in order to meet the challenges faced by SMEs thereby working in tandem with state and central governments.

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CSC to Play Major Role in The Making of New India
Aug 22,2017

Union Minister for Electronics & IT and Law & Justice, Sh. Ravi Shankar Prasad said today that the Government is committed to evolve new India, free of hunger & deprivation, by the year 2022. VLEs, the ambassadors of change, will play a major role in bringing about revolutionary changes in rural India. The Minister said the NDA Government has total faith in these agents of change. He said with Patanjali & IFFCO agreeing to provide their range of products from these outlets scope & viability of CSC will get a big boost.

Addressing the audience of more than 2500 VLEs, the Hon Minister hailed the outstanding efforts of CSC VLEs in delivering digital services in rural areas of country. He praised the women VLEs, who provide government services through their CSCs in far flung areas, particularly mentioning the name of Smt. Janki Kashyap, who provides digital services in the naxal affected area of Dantewada district of Chhattisgarh.

The Hon Minister announced that his Ministry will send five best performing women VLEs to the United States and further award Rs. 1 lakh to outstanding District VLE societies. He also administered Sankalp se Siddhi pledge to all VLEs and officials present on the occasion. He said that, 40,000 CSCs have registered with Patanjali for medical tele-consultations through 800 ayurvedic practitioners, benefiting citizens in rural India.

On the occasion, Acharya Balkrishna ji announced provision of free Yoga training to CSC VLEs at Patanjali Yog Pith to teach Yoga in rural areas to realise the dream of making India disease free. While speaking on the occasion, Dr. Ajay Bhushan Pandey, CEO, UIDAI, admired the achievements of CSC VLEs in discharging Aadhaar services in rural areas. Mr. Bhushan said, VLEs in rural areas have helped UIDAI in enrolling small children, old people, patients and those who could not travel to Aadhaar centres by enrolling them by visiting their households.

On the occasion, following new services will be launched-

1. Launch of Patanjali products through CSCs:

CSC SPV has tied up with Patanjali Ayurveda for sale of Patanjali products at the last mile through the vast network of Common Services Centers. The products would be sold through distributor model through CSC District VLE Societies.

2. Launch of Bharat Bill Pay service through CSCs:

Bharat Bill Pay Service (BBPS) is a unified bill payment system under the umbrella of National Payment Corporation of India (NPCI). With CSC SPV becoming a Bharat Bill Pay Operating Unit, CSCs can provide BBPS services and further enable the villagers to pay their Electricity, Water, Gas, DTH and Mobile bills.

3. Launch of Deposit Service in Aadhaar Enabled Payment System - Digi Pay:

CSC SPV, in Collaboration with NPCI, launched its Aadhaar Enabled Payment service Digi Pay to address need for financial services of rural people. Now on August 22, 2017, its cash deposit service will also be launched under Digi Pay, enabling citizens to deposit cash in their Aadhaar seeded account of any bank.

4. Exchange of MOU for Sale of IFFCO Products like Fertilizers, Seeds etc through CSCs:

CSC has partnered with IFFCO to market all products and service offerings of IFFCO and Group Companies through Digital Seva portal. Under this service, once VLE accepts significant quantity of orders from farmers for agri-inputs and other services, the VLE can place orders on CSC Portal and remits payment.

5. Exchange of MOU between CSC & IGNOU:

CSC SPV is partnering with IGNOU to extend its online services through the network of CSCs across the country. The services include facility of online admission form & examination form submissions, online re-registration, and online payment facilitation through the Digital Seva portal for prospective and enrolled students of IGNOU.

6. Exchange of MOU between NeGD & IGNOU:

NeGD is partnering with IGNOU to collaborate on and develop synergies to advance its Digital India Capacity Building agenda. Under the partnership, IGNOU will provide NeGD access to its state-of-art facilities for developing content for its capacity building and awareness and communication activities.

7. Exchange of MOU for Tele-Radiology service through CSC:

5C Network, Indias first diagnostic network that connects hospitals and diagnostic centers with X-Ray, CT and MRI to radiologists, is partnering with CSC SPV to leverage last mile network of CSCs to provide radio-diagnostic facility at grassroot level.

8. Exchange of MOU for Tally GST Service:

CSC SPV is partnering with Tally Education, a subsidiary of Tally Solutions, to increase adoption of computerized accounting and GST compliance across the rural and sub-urban parts of country. Under the partnership, VLEs enabling GST compliance for small businesses and traders, will receive complimentary license for the most recent version of the GST billing and compliance software from Tally.

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Up-gradation of functionalities for subscribers by the Central Recordkeeping Agencies (CRAs) for April - June Quarter ended on 30-06-2017
Aug 22,2017

Pension Fund Regulatory and Development Authority (PFRDA) is established by the Government of India for regulation and development of Pension Sector in order to protect the old age income security of subscribers. PFRDA takes various initiatives from time to time in order to simplify and improve the operational issues in National Pension System (NPS) like new functionality development under NPS architecture, simplification of account opening, withdrawal, grievance management etc. In this regard, during the Quarter ended on  30.06.2017, various functionalities have been released by the Central Recordkeeping Agencies (CRAs) i.e. NSDL e-governance Infrastructure Limited and Karvy Computershare Pvt. Ltd to facilitate the ease of operation for the benefit of subscribers. These are detailed below:

NSDL e-Governance Infrastructure Limited 

Sr. No.

Functionality                       

Description

Release Date

1

Annual Freezing

Subscriber account would be unfrozen on minimum contribution of Rs. 500 in any of the Financial Year.  The Subscriber would be allowed to contribute through normal process i.e. through any POP or through eNPS

4-Apr-17

2

NPS Mobile App - Aadhaar Seeding

The Subscriber can now link his/her Aadhaar to NPS account using Mobile App.

4-Apr-17

3

NPS Mobile App - Captcha in Contribution Screen

In Mobile App, the Subscriber has an option to submit the contributions without logging into App, routed through Captcha

4-Apr-17

4

NPS Mobile App - Reset password using OTP

Subscriber can now reset his/her password using Mobile App through OTP. This option is in addition to the option of resetting password using secret question.

4-Apr-17

5

Scheme Preference Change

Now, the Subscribers (other than Govt.) will have facility to change PFM once and Investment Option (active or auto choice) as well as Asset Allocation Ratio twice in a Financial Year.                                        

4-Apr-17

6

NPS Mobile App - Tier II Withdrawal

Subscriber can now initiate Tier II account withdrawal under NPS using Mobile App and funds will get transferred to Subscribers Bank Account registered with CRA.

8-Apr-17

7

Interoperability between CRAs

Now, Subscribers have option to open account with either of the CRAs. The existing Subscriber can also select CRA of his/her choice, once in a year. The target CRA will facilitate the shifting request under NPS.

15-Apr-17

8

New Payment Gateway Gô BillDesk

In eNPS, alongwith SBI ePay, BillDesk has been integrated as the second Payment Gateway Service Provider for ease of online contribution by the subscriber.

4-May-17

9

NPS Mobile App - Hindi version

The bilingual version of Mobile App has been developed for convenience of NPS Subscriber.

15-May-17

10

Transaction Statement - view

The Subscriber can access their Transaction Statement through CRA NPS Lite website (www.npslite-nsdl.com).

7-Jun-17

11

NPS Mobile App - enhancement

Remember PRAN in the APP is enabled. Now, Subscribers need not enter 12 digit PRAN every time they login.

8-Jun-17

12

NPS Mobile App - NPS Lite/APY

Similar to NPS Regular, Mobile  App is introduced for NPS Lite/APY Subscribers. In 1st phase, following features are released for NPS Lite/APY Subscribers.
1. Statement of Holding
2. Statement of Transaction (pdf download)
3. Subscriber details view
4. Last three Contribution details

17-Jun-17

13

Grievance - enhancement

Subscribers under NPS Lite have facility to raise grievances in Central Grievance Management System (CGMS) against CRA/ Nodal Office / NPS Trust.

23-Jun-17

14

eNPS - Service Tax replaced with GST

Replacement of existing Service Tax to GST;
1. Receipts will be have label as GST and will be having 18% calculated amount
2. Labels/text which shows payment gateways charges is being modified to display GST & 18% instead of service tax and 15%
3. The Service tax element which was charged for the trail commission during subsequent contribution payment through online payment mode in eNPS will be termed as GST

30-Jun-17

Karvy Computershare Pvt. Ltd 

Sr. No.

Functionality

Description

Release Date

NITI Aayog to launch n++Mentor Indian++ Campaign
Aug 22,2017

NITI Aayog will launch the Mentor India Campaign, a strategic nation building initiative to engage leaders who can guide and mentor students at more than 900 Atal Tinkering Labs, established across the country as a part of the Atal Innovation Mission.

Mentor India is aimed at maximizing the impact of Atal Tinkering Labs, possibly the biggest disruption in formal education globally. The idea is to engage leaders who will nurture and guide students in the Atal Tinkering Labs. These labs are non-prescriptive by nature, and mentors are expected to be enablers rather than instructors.

NITI Aayog is looking for leaders who can spend anywhere between one to two hours every week in one or more such labs to enable students experience, learn and practice future skills such as design and computational thinking.

Atal Tinkering Labs are dedicated works spaces where students from Class 6th to Class 12th learn innovation skills and develop ideas that will go on to transform India. The labs are powered to acquaint students with state-of-the-art equipment such as 3D printers, robotics & electronics development tools, Internet of things & sensors etc.

NITI Aayogs Atal Innovation Mission is among one of the flagship programs of the Government of India to promote innovation and entrepreneurship in the country to set up the Atal Tinkering Labs across the country. The Mission has / is in the process of setting up 900+ such labs across India and aims to have 2,000 such labs by end of 2017.

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Gartner Says Demand for 4G Smartphones in Emerging Markets Spurred Growth in Second Quarter of 2017
Aug 22,2017

Global sales of smartphones to end users totaled 366.2 million units in the second quarter of 2017, a 6.7 percent increase over the second quarter of 2016, according to Gartner, Inc. In the smartphone operating system market, Android extended its lead with 87.7 percent market share, while iOS accounted for 12.1 percent.

Although demand for utility smartphones remains strong, there is growing demand in emerging markets for 4G smartphones, with more storage, better processors and more advanced cameras. This is translating into higher demand for midpriced [$150 to $200] smartphones, said Anshul Gupta, research director at Gartner.

Sales of all types of smartphone grew in the second quarter of 2017, compared with the second quarter of 2016. However, there is a concern about rising component costs, as well as limited supply, due to the reduced availability of critical components. We expect a shortage of flash memory and OLED [organic light-emitting diode] displays will affect premium smartphone supply in the second half of 2017, said Mr. Gupta. Weve already seen Huaweis P10 suffer from a flash memory shortage, and smaller, traditional brands, such as HTC, LG and Sony, are stuck between aggressive Chinese brands and the dominating market shares of Samsung and Apple in the premium smartphone segment.

Samsungs smartphone sales grew 7.5 percent, year over year, after three consecutive quarterly declines. The company had been hit hard by problems with the Galaxy Note 7, but the Galaxy S8 and S8+ are bringing back high demand for Samsung smartphones. Despite growing competition from Chinese brands such as Huawei, Oppo and Vivo, we expect Samsung to register growth in 2017, said Mr. Gupta.

Despite clearing the distribution channel of iPhone inventory amounting to 3.3 million units during the second quarter, Apples sales were flat (down 0.2 percent), year over year. Apples sales in emerging markets are expected to grow as older-generation iPhones continue to attract buyers. The new iOS 11, which will include augmented reality, machine learning, an improved Siri and a new display design, will likely fuel strong iPhone sales in the fourth quarter of 2017, and help Apple increase its sales in 2017, added Mr. Gupta.

Vivo and Oppo achieved the best performances in the second quarter of 2017, with year-over-year sales increases of 70.8 percent and 44.1 percent, respectively. Vivos smartphones with front-facing cameras have carved out a niche for themselves. Vivo maintained second place in China and grew its sales internationally, said Mr. Gupta. Similarly, Oppo secured its leading position in China by offering dual rear-facing and front-facing cameras.

Greater China and Emerging Asia/Pacific Markets Accounted for Nearly Half of Smartphone Sales

Greater China and emerging Asia/Pacific markets drove sales of smartphones in the second quarter of 2017, with market shares of (27.7 percent) and (21.4 percent), respectively.

Growing smartphone penetration of India, Indonesia and Southeast Asian countries drove a year-over-year rise in smartphone sales in the emerging Asia/Pacific group.

However, smartphone sales in Greater China declined, year over year, primarily due to longer replacement cycles and as users prefer to buy better smartphones. Large vendors continued to strengthen their positions by increasing their market share, while smaller brands lost ground in Greater China, said Mr. Gupta.

Sales in Western Europe returned to year-over-year growth, fueled especially by strong sales of Huawei and Samsung smartphones.

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India has macro-economic stability-Financial Stability and Development Council (FSDC)
Aug 22,2017

In the seventeenth Meeting of the Financial Stability and Development Council (FSDC), it noted that India has macro-economic stability today on the back of improvements in its macro-economic fundamentals, structural reforms with the launch of the Goods and Services Tax (GST), action being taken to address the Twin Balance Sheet (TBS) challenge, extraordinary financial market confidence, reflected in high and rising bond and especially stock valuations and long-term positive consequences of demonetization. The Council also discussed the issues and challenges facing the Indian economy and Members agreed on the need to keep constant vigil and be in a state of preparedness of managing any external and internal vulnerabilities.

The Council also took note of the progress of Financial Sector Assessment Program for India, jointly conducted by the International Monetary Fund and the World Bank. Council directed that the assessment report should be finalized by the end of this calendar year.

FSDC took note of the developments and progress made in setting up of Computer Emergency Response Team in the Financial Sector (CERT-Fin) and Financial Data Management Centre and discussed measures for time bound implementation of the institution building initiative.

A brief report on the activities undertaken by the FSDC Sub-Committee Chaired by Governor, RBI was placed before the FSDC. The Council also undertook a comprehensive review of the action taken by members on the decisions taken in earlier meetings of the Council.

The Council discussed on the Central KYC Registry (CKYCR) system, took note of the initiatives taken in this regard by the members and discussed the issues / suggestions in respect of operationalization of CKYCR.

The Council also deliberated on strengthening the regulation of the Credit Rating Agencies (CRAs).

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