My Application Form Status

Check the status of your application form with Angel Broking.
Arq - The Hyper Intelligent Investment Engine By Angel Broking
Issuance of the new series of Rs. 500/- notes commenced
Nov 14,2016

The Union Finance Ministry today reviewed the position regarding availability and distribution of all denomination of bank notes. Some of the highlights of the review and the decisions taken are as follows:-

1. In the first four days ( from November 10th to 13th , upto 5 pm ) about Rs 3.0 lacs crores of old Rs.500/- and Rs.1000/- bank notes have been deposited in the banking system and about Rs.50,000 crores has been dispensed to customers by either withdrawal from their accounts or withdrawal from ATMs or by exchange at the counter. Within these four days, the banking system has handled about 18 crore transactions.

2. Coordination is being continuously done by Ministry of Finance with RBI, Banks and Post Offices to make all denomination notes available at all locations.

3. Instructions have been given to the Banks and Post Offices to ensure proper distribution of all denomination notes. Banks have also been especially advised to ensure the availability and distribution of small denomination notes.

4. Chief Secretaries of the States have been requested to identify the rural pockets, if any, where availability of cash has been a problem and provide all support to the Banks and Post Offices in order to ensure the last mile distribution of small denomination of notes is done through mobile banking vans and Banking Correspondents (BCs).

5. It has been reported that certain business houses viz. Hospitals , Caterers , Tent houses etc. are not accepting Cheques/Demand Drafts and online payment transfer from customers. It is advised that in such cases customer can make a complaint to the concerned District Magistrates/District Administration for action against such establishments.

6. Government of Assam has arranged a Mobile Banking Vans with support of Banks and State Government Staff at certain Hospitals for carrying out emergency banking transactions. All Banks have now been advised to arrange mobile banking vans to the extent possible at major hospitals to carry out emergency banking transaction for patients.

7. Banks have been advised to make arrangements for separate queues for Senior citizens and Divyang persons. Separate queues will also be arranged for exchange of cash to cash and transactions against Bank accounts.

8. Government of Arunachal Pradesh has made special arrangements like cash deposits /withdrawal and opening of new bank accounts in the remotely located areas with the help of Banks and State Government staff. State Governments have been requested to facilitate opening of new Bank accounts as a part of financial inclusion programme.

9. The issuance of the new series of Rs.500/- notes has already commenced.

10. Banks have been advised to increase the Business Correspondents limit of dispensing cash to Rs.2500/- for withdrawal from bank accounts.

11. Banks have been advised to increase the exchange limit over the counter from the existing Rs.4000/- to Rs.4500/-.

12. Banks have been advised to increase the Cash Withdrawal limit at ATMs from the existing Rs.2000/- to Rs.2500/- per day in the recalibrated ATMs, other ATMs will continue to dispense Rs.50/- and Rs.100/- notes until they are recalibrated.

13. The weekly limit of Rs.20,000/- for withdrawal from Bank accounts has been increased to Rs.24,000/-. The limit of Rs.10,000/- per day has been removed.

14. Banks have been advised to increase the issuance and use of mobile wallets and debit/credit cards as also to provide them to those customers and establishments not having access to these non-cash means of payment

15. The last date for submission of the annual life certificate for the Government Pensioners which is to be submitted in November every year has been extended up to January 15, 2017.

Powered by Capital Market - Live News

Issuance of the new series of Rs. 500/- notes commences
Nov 14,2016

The Union Finance Ministry reviewed the position regarding availability and distribution of all denomination of bank notes. Some of the highlights of the review and the decisions taken are as follows:-

1. In the first four days ( from November 10th to 13th , upto 5 pm ) about Rs 3.0 lacs crores of old Rs.500/- and Rs.1000/- bank notes have been deposited in the banking system and about Rs.50,000 crores has been dispensed to customers by either withdrawal from their accounts or withdrawal from ATMs or by exchange at the counter. Within these four days, the banking system has handled about 18 crore transactions.

2. Coordination is being continuously done by Ministry of Finance with RBI, Banks and Post Offices to make all denomination notes available at all locations.

3. Instructions have been given to the Banks and Post Offices to ensure proper distribution of all denomination notes. Banks have also been especially advised to ensure the availability and distribution of small denomination notes.

4. Chief Secretaries of the States have been requested to identify the rural pockets, if any, where availability of cash has been a problem and provide all support to the Banks and Post Offices in order to ensure the last mile distribution of small denomination of notes is done through mobile banking vans and Banking Correspondents (BCs).

5. It has been reported that certain business houses viz. Hospitals , Caterers , Tent houses etc. are not accepting Cheques/Demand Drafts and online payment transfer from customers. It is advised that in such cases customer can make a complaint to the concerned District Magistrates/District Administration for action against such establishments.

6. Government of Assam has arranged Mobile Banking Vans with support of Banks and State Government Staff at certain Hospitals for carrying out emergency banking transactions. All Banks have now been advised to arrange mobile banking vans to the extent possible at major hospitals to carry out emergency banking transaction for patients.

7. Banks have been advised to make arrangements for separate queues for Senior citizens and Divyang persons. Separate queues will also be arranged for exchange of cash to cash and transactions against Bank accounts.

8. Government of Arunachal Pradesh has made special arrangements like cash deposits /withdrawal and opening of new bank accounts in the remotely located areas with the help of Banks and State Government staff. State Governments have been requested to facilitate opening of new Bank accounts as a part of financial inclusion programme.

9. The issuance of the new series of Rs.500/- notes has already commenced.

10. Banks have been advised to increase the Business Correspondents limit of dispensing cash to Rs.2500/- for withdrawal from bank accounts.

11. Banks have been advised to increase the exchange limit over the counter from the existing Rs.4000/- to Rs.4500/-.

12. Banks have been advised to increase the Cash Withdrawal limit at ATMs from the existing Rs.2000/- to Rs.2500/- per day in the recalibrated ATMs, other ATMs will continue to dispense Rs.50/- and Rs.100/- notes until they are recalibrated.

13. The weekly limit of Rs.20,000/- for withdrawal from Bank accounts has been increased to Rs.24,000/-. The limit of Rs.10,000/- per day has been removed.

14. Banks have been advised to increase the issuance and use of mobile wallets and debit/credit cards as also to provide them to those customers and establishments not having access to these non-cash means of payment

15. The last date for submission of the annual life certificate for the Government Pensioners which is to be submitted in November every year has been extended up to January 15, 2017.

Powered by Capital Market - Live News

Indias industrial production rises 0.7% in September 2016
Nov 11,2016

Indias industrial production rose 0.7% in September 2016 over September 2015, while snapping decline for last two straight months. The manufacturing sector production rose 0.9%, while the electricity generation moved up 2.4% contributing to rise in industrial production. However, the mining output continued to decline for second straight month at 3.1% in September 2016. Further, the growth of IIP and manufacturing sector continued to be impacted by sharp plunge in the output of rubber insulated cables (that carries marginal weight in the IIP), excluding which IIP grew 3.8% in September 2016.

As per the use-based classification, the basic goods output improved 4% in September 2016 over a year ago, while the output of intermediate goods moved up 2.2%. The consumer goods output increased 6%, but that of capital goods plunged 21.6% in September 2016. Within consumer goods, the production of consumer durables increased 14%, while that of consumer non-durables rose 0.1% in September 2016.

The IIP growth in August 2016 has been revised marginally upwards to (-) 0.68% in the first revision compared with (-) 0.74% reported provisionally. Meanwhile, the growth in June 2016 has been revised upwards to 2.2% at the final revision from first revision of 1.95%, while it is also higher compared with 2.06% reported provisionally.

In terms of industries, twelve out of the twenty two industry groups in the manufacturing sector have shown positive growth during the month of September 2016 as compared to the corresponding month of the previous year.

The industry groups Other transport equipment has shown the highest positive growth of 12.8%, followed by 11.1% in Basic metals and 10.6% in Radio, TV and communication equipment & apparatus.

On the other hand, Electrical machinery & apparatus has shown the highest negative growth of (-) 49.7% followed by (-) 28.0% in Office, accounting and computing machinery and (-) 7.7% in Luggage, handbags, saddlery, harness & footwear; tanning and dressing of leather products.

Powered by Capital Market - Live News

I&B Ministry simplifies Annual Renewal process for existing TV channels as part of n++Ease of Doing Businessn++
Nov 11,2016

Shri M Venkaiah Naidu, Minister for Information & Broadcasting has said that as part of the Governments initiative of n++Ease of Doing Businessn++, the Ministry of Information & Broadcasting has completely done away with the process of obtaining an n++Annual Renewaln++ for TV channels in the current form.

Elaborating further, Shri Naidu said that Broadcasters who have been given the permission for Uplinking or Downlinking can continue their operations by simply paying the annual permission fee upto 60 days before the due date, which by itself will be treated as permission for continuation of the channel for a further period of one year. Adding further, Shri Naidu said that this initiative by the Ministry is expected to provide a major relief for ease of doing business for the permission holding companies of the TV channels and teleports. He said a total of 963 Channels and Teleports shall benefit from this decision. The Ministry was fully committed to the vision of the present Government and the Honble Prime Minister to promote the Ease of Doing Business and would continue to take more steps in consultation with stakeholders.

Powered by Capital Market - Live News

Fitch: Inadequate Capitalisation Threatens Indian State Banks
Nov 11,2016

Capital adequacy at Indias state banks remains a key theme against deteriorating asset quality and weak earnings, with some banks at risk of breaching their capital triggers, says Fitch Ratings.

The banks sharply deteriorating financial positions are adding to capital pressure at a time when progressively higher minimum Basel III capital requirements are being phased in.

State banks high dependence on the state for core equity is likely to continue. However, there are signs that the overseas additional Tier 1 (AT1) market could gain momentum as long as pricing differences are addressed.

Asset quality indicators are close to their weakest and Fitch expects recoveries and resolution of outstanding non-performing loans to remain a challenge, although NPL growth should be lower than the sharp spike witnessed in the previous year. The stress prevalent in weak sectors that account for a large share of special mention loans will increase provisioning demand, which will likely pressure earnings against a backdrop of weak growth forecasts.

Powered by Capital Market - Live News

CBDT advancing to finalize draft forthcoming Budget for public consultations
Nov 11,2016

Initial draft of forthcoming budget is being finalized by Central Board of Direct Taxes following which it would be placed for public and industries consultations for their reactions to make it more comprehensive and inclusive, according to Chairman, CBDT, Mr. Sushil Chandra.

Chandra emphasized that the board is committed to bring in complete transparency in Indias tax administration as well as its tax policies that would be entirely friendly, leading to facilitation of businesses.

The Chairman, CBDT, however, appealed to the industry and business community not to use international tax treaties for tax avoidance, rather make use of them for facilitation of businesses in all segments of economic engagements.

Elaborating on forthcoming budget making exercise, Mr. Chandra pointed out that it has been almost finalized with few additions here and there, following which it would be taken for larger industry and public consultations so that their suggestions and recommendations relating to taxation and other such issues are absorbed in the document for optimum satisfaction of both government and industry including public.

Speaking on the occasion, Principal CCIT (International Tax & Transfer Pricing), Mr. Akhilesh Ranjan reiterated the governments resolve for bringing in absolute transparency in its tax administration and tax dispensation so that businesses flourish without obstruction to government revenues.

He emphasized that on the issue of transfer pricing, the government has been moving on the right direction, removing complexities in it and added that there is a consensus on host of such issues in G-20 group of nations in which India has begun to play a dominant role.

In his welcome remarks, Sr. Vice President, PHD Chamber, Mr. Gopal S Jiwarajka and the Chambers Direct Taxes Committee Chairman, Mr. Anil K Chopra sought fair play for all that have become participants in Indias global engagements including its growth engine. They appreciated various positive measures by the tax department that are helping India to become a preferred destination.

Powered by Capital Market - Live News

Mobile payment transaction volume to rise manifold to reach 153 billion by FY22: Study
Nov 11,2016

The mobile payment transaction volume in India is likely to witness exponential compounded annual growth rate (CAGR) of over 90 per cent to reach 153 billion by FY 2022 as against a meagre about 3 billion in FY 2016, noted a recent ASSOCHAM-RNCOS joint study.

n++Mobile payment transaction value in India is also likely to register over 150 per cent CAGR and cross Rs 2,000 trillion by FY 2022 from just over Rs 8 trillion as of FY 2016,n++ noted the study titled Indian M-wallet market, jointly conducted by ASSOCHAM and research firm RNCOS.

n++The digital payment sector might register unprecedented growth thereby replacing traditional cards and cash as the primary payment method over the next several years but what is required is to make such systems more foolproof,n++ said Mr D.S. Rawat, secretary general of ASSOCHAM.

n++Flagship government initiatives such as Digital India together with union governments announcement about demonetising Rs 500 and Rs 1000 denomination notes will act as key catalysts and enablers of this transformation more so with ever-increasing internet and mobile penetration as adoption of digital payments is all set to witness a massive surge in the coming years,n++ said Mr Rawat.

n++With over one billion mobile subscribers, India has a promising potential for internet on mobile, and the same is expected for payments and business transactions on mobile,n++ he added.

Mobile banking segment contributed largest share of 49 per cent in Indian mobile payment market with over 386 million transactions worth Rs 4,000 billion in FY16, with majority being money transfers, the study noted.

Besides, share of mobile banking in M-payment market has increased tremendously from eight per cent in FY14 to 49 per cent in FY16.

However, mPOS (mobile point of sale) has the largest market share of 66 per cent in volume terms in FY16 which has fallen down from the level of 85 per cent in FY14 owing to significant number of people shifting to mobile banking for convenience and to avoid carrying various cards.

The study also highlighted that mPOS segements share in mobile payment is likely to fall further and by FY22, share of mobile banking is likely to rise to 14 per cent in terms of volume.

Powered by Capital Market - Live News

Sugar stocks are enough in the country, Government is keeping a close watch on prices - Ram Vilas Paswan
Nov 10,2016

Union Minister of Consumer Affairs, Food & Public Distribution, Shri Ram Vilas Paswan reviewed prices and availability of sugar in the country in a meeting with senior officials of his Ministry. After review he said that the Government has taken necessary steps to maintain sufficient stocks in the country and keep the sugar prices under check.

He has said that during the current Sugar Season 2016-17, the country has started with a carryover stock of 7.71 million MT (mMT) of sugar. The production of sugar has been estimated at about 22.52 mMT in the current sugar season. While the domestic consumption is estimated at about 25.5 mMT, the stock position at the close of the current sugar season (Sept. 2017) is likely to be at 4.73 mMT which will be carried forward for the next sugar season 2017-18.

Thus the total availability of sugar in the country would be sufficient to meet the domestic consumption.

Further, the sugar production in the next sugar season (2017-18) is expected to be good and is likely to start early and therefore there will be no shortage of domestically produced sugar in India. By November 2017, another 2 mMT would be available from early crushing.

Powered by Capital Market - Live News

Old demonitised 500 & 1000 rupee notes will be accepted for making payments towards fees, charges, taxes and penalties payable to the Central & State
Nov 10,2016

The Central Government has taken a decision that old 500 & 1000 rupee notes will be accepted for making payments towards fees, charges, taxes and penalties payable to the Central and State Governments including Municipal and Local Bodies. Such old notes will also be accepted for making payment of utility charges for water & electricity etc. However, these facilities will be available only till midnight of 11th November,2016.

Powered by Capital Market - Live News

Gartner Predicts 15 Percent of Successful Chief Data Officers Will Move to CEO, COO, CMO or Other C-Level Positions by 2020
Nov 10,2016

Gartner, Inc.s second annual chief data officer (CDO) survey* has found that early adopters of the CDO role and the office of the CDO (OCDO) are pioneering a new organizational function, to go alongside IT, business operations, HR and finance.

Organizations that have made the strategic decision to introduce the CDO role are looking to get as much new value as possible from this position. Thirty percent of the surveyed CDOs said they report directly to the CEO. CDOs are adding to the competitiveness of their companies by contributing to strategic planning and decision making, and by leading digital business initiatives. As a result, Gartner predicts that, by 2020, 15 percent of successful CDOs will move into CEO, COO, CMO or other C-level positions.

The office of the CDO is being established as an operational department with the appropriate staffing, budget and responsibilities, said Debra Logan, vice president and Gartner Fellow. Fifty-four percent of the organizations we surveyed said that their OCDO was fully or partially implemented, with a further 20 percent already exploring, planning to explore or planning to implement an OCDO within the next year. Only 19 percent said they are unlikely to implement an ODCO.

Gartner analysts discussed the CDO role, and how CIOs can create a positive working relationship with their CDO, during Gartner Symposium/ITxpo 2016, which is taking place here until Thursday.

According to the survey, the main business objectives of the OCDO are to increase customer intimacy (62 percent), competitive advantage (60 percent) and efficiency (54 percent). Respondents said that the main organization-wide responsibilities are oversight of analytics initiatives (69 percent) and data governance (68 percent). Next come responsibilities for defining the analytics strategy for the organization and ensuring information reliability and value (64 percent each).

As the use of data and analytics continues to rise, data and analytics-related crises will continue to plague businesses that fail to implement the CDO role and an OCDO. While only 27 percent of those surveyed identified a specific data or analytics-related crisis or problem as their reason for creating the CDO role, some of the other identified objectives point to this, said Jamie Popkin, a Gartner vice president and Gartner Fellow. Twenty-four percent of the respondents said that the board of directors wanted the role. Whatever prompted a high degree of board-level involvement in the creation of the new operational function must have had a major operational impact, or been thought likely to have such an impact in future. The boards involvement, together with the responses pointing to a specific crisis or problem, and the 41 percent of respondents who said that the CEO or CFO wanted the role, makes it safe to assume that this was a major strategic decision that affected business operating models.

CDOs Are Responsible for Creating and Integrating Enterprise Data and Analytics Capabilities

The OCDO accommodates a wide range of roles emphasizing data and information management, data quality, business analytics and information architecture. Most CDOs said that their role will focus on two key responsibilities, said Mario Faria, a managing vice president at Gartner. Sixty-seven percent of the respondents said they are acting as a champion or change agent in leading the organizational changes required to create and sustain enterprise data and analytics capabilities. Sixty-one percent are leading the effort to ensure that data and analytics are integrated into the business strategy and roadmap.

The CDOs Relationship With IT Leaders

Most respondents said they have developed positive working relationships with IT leaders. While most early holders of the CDO role said they treat the CIO as an ally or partner (62 percent), the relationship between the CDO and the CIO will remain crucial, said Mr. Popkin. Strategy development, decision-making power and funding will be sources of contention between IT leaders and the OCDO as the role of the CDO becomes more broadly established.

Powered by Capital Market - Live News

Black Day for Black Money - Structural Benefits of Demonetisation Outweigh Short Term Agony
Nov 10,2016

The sudden and abrupt announcement by the government to make the currency notes of INR500 and INR1,000 invalid as legal tender from mid night of 8 November is part of the governments attempt to crack the whip on black money and fake currency, says India Ratings and Research (Ind-Ra). This comes after the disappointing collections made under the Income Disclosure Scheme (IDS), which gave the option to disclose unaccounted money. At an aggregate level, this move will significantly eliminate the existing stock of black money/fake currency and will benefit the economy in the medium- to long-run, but how the creation of black money in the future will be prevented still remains unanswered.

The impact of this move will be felt across sectors with differing intensities and for a different period of time.

Cash Economy To Witness Contraction: The currency of the aforesaid denominations constitutes around 86% of the total value of the currency in circulation, thus its impact on the cash economy will be significant. The key segments of the economy where cash transactions play a vital role are real estate/construction, gold and the informal sectors. The role of cash transaction in case of real estate and gold is mostly dubious, however in case of the informal sectors it is the lifeline. For example, small and marginal farmers in the fruits and vegetable category typically require off-loading of their produce in the local Mandi in cash and could see an immediate impact. A sudden demonetisation will adversely impact this segment of the economy and it will witness immediate contraction, though the impact will diminish over time.

Downward Bias to GDP Growth: The sudden decline in money supply and simultaneous increase in bank deposits is going to adversely impact consumption demand in the economy in the short term. This coupled with the adverse impact on real estate/construction and informal sectors may lead to lowering of GDP growth. However, Ind-Ra feels the impact will be felt more in Q3FY17 and the system is expected to readjust thereafter. Therefore, Ind-Ra retains its GDP growth forecast of 7.8% for FY17 with a downward bias and will monitor this aspect closely.

Lower M3 has Deflationary Effect: Reduction in money supply can also have a deflationary effect in the economy. However, whether the impact of the reduced money supply will lead to deflation or contraction in demand or a mix of both will vary from sector to sector depending on the nature of goods/services.

Impact on Bond Markets: Surge in deposits will create more demand for government bonds and other high rated bonds in a situation of tepid demand for credit, leading to lower bond yields especially in the shorter end of the curve. At the same time a reduction in leakages in systemic liquidity will reduce the scope for open market operation purchases in the coming days. Ind-Ra believes the RBI will continue to sterilise excess liquidity from the banking system to keep the short term rates aligned with the policy rate.

Credit Impact across Sectors: Impact of this policy measure will flow to the economy mainly through the real estate/construction sector, which has strong linkages with sectors such as cement and steel and they will turn credit negative in the short-run. A significant impact in the short-run will be on daily/weekly wage employment in the informal sector/construction sector. Construction sector has one of the highest employment multiplier. The key segments of the economy where cash transactions play a vital role are real estate/construction, gold and the informal sectors, which may face near term contraction. With more money coming into the banking ambit, deposit growth is likely to improve and positively impact the savings rate. The medium- to long-term gains are likely to outweigh the short-term pain.

Impact on Financials

Bank Deposit Rates to Soften: Ind-Ra expects a large amount of cash in circulation to be brought within the purview of the formal banking system by way of deposits. This is structurally a positive for banks as part of this cash gets deposited as current account and savings account (CASA) deposits, reducing banks dependence on higher cost borrowing. Deposit deployment remains a challenge in the short to medium term due to the current tepid demand for credit, thus pushing deposit rates lower.

NBFCs Asset Quality Faces Pressure: Ind-Ra believes asset quality of retail asset financers, especially NBFCs which have developed expertise in the credit assessment of the informal segment and have built models around it to come under pressure in the short term. Within NBFCs, asset quality of financers with a large dependence on cash collection remain vulnerable in the short term. In the longer term the implication could be a risk profile shift for the NBFCs, as the stronger borrower profile could potentially migrate to banks. Over the medium term, the demand for real estate especially in the secondary market and tier-ii cities where cash component as a proportion of transaction is significant could face a slowdown. The trickle- down effect could encompass the entire real estate sector putting pressure on demand itself. This could adversely impact NBFCs/housing financers with a large proportion of exposure (LAP/Mortgage) built with a self-employed customer profile. We believe NBFC-MFIs and Small Finance Banks (SFBs) may not be significantly impacted in the long term considering the cash flows of the borrower segment are usually in the smaller denomination. However, there could be near term disruptions in the collection cycles along with a spike in over dues, which could put their liquidity strength and the disbursal cycle under pressure.

Payment Banks to Benefit: Payment banks and others entities which are part of the transaction ecosystem are likely to be long term beneficiaries, as more and more cash finds its way into the formal banking channels. Ind-Ra believes the cumulative measures taken to rein in black money will improve banking habits, create financial and transactional history of the informal/cash dependent segment and could over the long term make them bankable.

Impact on Consumption Sectors

Registered Prices in Real Estate May Rise: Ind-Ra expects that the real estate demand from end users is unlikely to be impacted, since a majority of them are backed by funding from bank loans. Demand from investors for real estate however may come down since in some cases investors prefer cash transactions. Much of the investor demand is in relatively higher value transactions of above INR 10mn, which may now see lower demand. If the proportion of earlier transactions in the real estate sector, which were allegedly done through partial cash payment, reduces, the registered prices of real estate will go up. Ind-Ra expects the supply of real estate in the secondary market, which is strongly rumoured to have a large cash component involved, to suffer in the short term, which may in turn improve demand for residential real estate in the primary market.

Auto Secondary Sales May Fall: Sales of vehicles in the second hand market for original equipment manufacturers will get impacted, which will have a ripple effect on OEM sales, as buyers will not be able to dispose of their old vehicles easily.

Slowdown in Discretionary Spending to Hurt Consumer Durables: To have moderate to negative impact in the short term, since purchases of consumer durables in cash will be impacted by the slowdown in discretionary spending.

Demand for Gems and Jewellery to Decline: Ind-Ra expects the demand for gems and jewellery to decline in the next two to three quarters. This would result in weakening in the credit profile of industry players due to the high working capital cycles and high operating leverage. The unorganised segment will be hit particularly hard given the large proportion of unaccounted inventory and high proportion of cash sales. Over t

PHD Chamber Welcomes Demonitization OF Rs.500 & Rs.1,000 notes
Nov 10,2016

PHD Chamber of Commerce and Industry has complimented the NDA government under the Prime Ministership of Mr. Modi for demonetization of currency notes of Rs.500 and Rs.1,000 with sufficient alternates for public at large, describing the move as one of the most unprecedented reforms of independent India.

Applauding the move, President, PHD Chamber, Dr. Mahesh Gupta in a statement issued here today, said that it would address the issue of black money, curb financing of cross border terrorism and equally tackle the issue of fake currency that has acquired a serious and dangerous proportion.

Dr. Gupta appealed to the masses in general and industry in particular that with this decision, there bound to be some inconvenience to the public at large and other segments of the society including industry. However, India is sufficiently geared up to take on such an inconvenience which is for the national cause and the entire society should be prepared for it.

The President, PHD Chamber has also appealed to entire industrial community and chambers of commerce and other such association to whole heartedly support the government in its endeavour for demonetization of Rs.500 and Rs.1,000 notes.

Powered by Capital Market - Live News

Apprehensions on Trump to prove wrong; India Inc hails his victory: ASSOCHAM
Nov 10,2016

With his sober, very fair sounding and statesman like demeanor promising a fair deal with the rest of the world, ASSOCHAM expressed confidence that apprehensions linked to Donald Trump would certainly prove wrong even as India Inc looks forward to taking the bilateral economic engagement to a greater level under the new administration.

n++We saw a different Trump who as President elect of the United States of America sounded so conciliatory and sober promising a fair deal with the rest of the world. His words appeared so convincing that the financial markets which were nervous in the beginning recovered quite a ground rightly hoping that the Republican inmate of the White House has a great plan for America up his sleeven++, ASSOCHAM President Sunil Kanoria said in a statement.

He said India Inc can join hands with the Trump Administration in building of the US infrastructure projects. The Indian industry has always been a great companion for the US industries in terms of enhancing value even to the American jobs. A great number of Indian companies servicing the US have been employing the local Americans even as they add to the value proposition in their businesses.

Some of the losses in the Sensex and the currency volatility have also been made up as the world would digest rather happily the new fast changing US political landscape. n++To that extent, we Indians have to enhance our soft power and be counted as a country which complements the US. Change is the name of the game and status quo is getting challenged all over. The key lies in adapting it fast,n++ the ASSOCHAM President said.

As for the local factors having an impact on the financial markets, Kanoria expressed hope that the disruptions to the trade would settle once the banks are geared up to meet the demand for currency swap.

Powered by Capital Market - Live News

Government suspends payment of fees on all toll plazas on National Highways till midnight of 11 November 2016
Nov 10,2016

The government has decided to suspend payment of fees at toll plazas on all National Highways till the midnight of 11 November 2016. Instructions in this regard are being issued to all the concessionaries including BOT, OMT operators and other fee collection agencies. The decision has been taken in order to avoid difficulties that may be faced by the highway users following instructions by the Ministry of Finance yesterday that currency notes of the denominations of Rs. 500 and Rs. 1000 will no longer be legal tender from 09 November 12.00 am.

Powered by Capital Market - Live News

Direct Tax Collections up to October, 2016 show an increase of 10.6%
Nov 10,2016

The figures for Direct Tax Collections up to October, 2016 show that net collections are at Rs.3.77 lakh crore which is 10.6% more than the net collections for the corresponding period last year. Till October, 2016, 44.5% of the Budget Estimates of direct taxes for FY 2016-17 has been achieved.

As regards the growth rates for Corporate Income Tax (CIT) and Personal Income Tax (PIT), in terms of gross revenue collections, the growth rate under CIT is 11.6% while that under PIT (including STT etc.) is 18.6%. However, after adjusting for refunds, the net growth in CIT collections is 5.0% while that in PIT collections is 18.4%. Refunds amounting to Rs.93,836 crore have been issued during April-October, 2016, which is 32.2% higher than the refunds issued during the corresponding period last year.

Powered by Capital Market - Live News