Hong Kong fines SBI branch for 'anti-money-laundering lapses'

The Hong Kong central bank said on Friday it has fined State Bank of India's Hong Kong branch HK$7.5 million ($1 million) for breaching the city's anti money-laundering and counter terrorism financing rules Stock Market Trading Tips

The fine marks the first time the Hong Kong Monetary Authority (HKMA) has taken disciplinary action under Hong Kong's Anti Money-Laundering Ordinance brought into force in 2012.

The HKMA said between April 2012 and November 2013 State Bank of India (SBI) Hong Kong failed to perform a series of key anti money-laundering checks, including doing due diligence on 28 corporate customers, monitoring existing business relationships, and verifying whether its customers were politically exposed persons Himanshu Tiwari Astrologer

READ ALSO: SBI plans to offer 3% profit to staff

Besides paying the fine, the bank must also submit an independent report to the HKMA, which is Hong Kong's banking regulator, outlining the remedial action it will take to tackle these internal control failings, it said Indian stock market astrology prediction
"It is important to note that neither the HKMA nor the external consultants found any instances of problem accounts or suspicious transactions during the period in question, or the years following," SBI said in a statement.

"We fully support the HKMA's efforts to ensure high standards of due diligence and monitoring among Hong Kong's financial institutions. As noted by the HKMA, we have undertaken very positive and intensive remediation work to address their findings, which refer to procedures and policies in place during 2012 and 2013 Share Market Astrology

Greek bailout talks with auditors begin

Senior EU-IMF auditors has held their first meetings with Greek ministers to finalise a new three-year bailout as the Athens stock market prepares to reopen after being shut down for over a month by the debt crisis. 

Greece's main stock exchange in Athens will resume operations, which were halted on June 26 as the crisis-hit government imposed capital controls, on Monday, a finance ministry source told AFP Indian Stock Market Trading Tips

Meanwhile as the bailout talks got under way, the International Monetary Fund set its terms saying it would only join a "comprehensive" financial rescue programme that included debt relief and economic reforms. 

"In order to ensure medium-term sustainability, there is a need for difficult decisions on both sides difficult decisions in Greece regarding reforms, and difficult decisions among Greece's European partners about debt relief," a senior IMF official said. 

The European Union agreed that this position was "fully compatible" with its own agenda on a Greek bailout, which could be worth up to 86 billion euros (94 billion dollars) Financial Astrology  

The EU aims to conclude negotiations for a third bailout "with the expertise of the IMF, and then to consider debt measures later in the year," said European Commission spokeswoman Mina Andreeva. 

In Athens, the heads of the audit mission met with the Greek ministers of finance and economy with the talks focusing on bank recapitalisation, privatisations and fiscal targets, the finance ministry said. 

"There was convergence on some issues, less on others. The discussion was held in a very good climate and will continue," said finance minister Euclid Tsakalotos. 

The government hopes to conclude the EU-IMF fiscal audit before August 20, when it is scheduled to repay 3.4 billion euros to the European Central Bank including interest Nifty Stock Market Tips

It will also be nervously eyeing Monday's reopening of the Athens Stock Exchange, when normal operating procedures will resume for foreign investors although locals will still face limits on their transactions. 

Greek investors will not be able to finance the purchase of securities by taking money from their bank accounts in Greece. 

They will, however, be able to use foreign bank accounts or make cash transactions. 

The volatility cap will be reduced from 30 percent to 20 percent during the first three days of trading, as analysts predict a hectic first session Advance Market Prediction Book 2015

Greek Prime Minister Alexis Tsipras faces strong criticism from hardliners in his leftist Syriza party who say that applying the terms of the bailout are a betrayal of Syriza's electoral pledge to end austerity. 

Tsipras, who turned 41 this week, is trying to regain control after a damaging mutiny by over 30 lawmakers in response to the austerity measures in the new bailout. 

The government had to rely on opposition MPs twice to push the reforms which include sales tax hikes, a pension overhaul and privatisations through parliament this month Personal Numerology Report

Sebi warns against illegal fund-raising

 West Bengal has more number of companies raising money illegally from gullible investors by offering shares and debentures than all the other states combined in India. Of the 194 companies against whom Sebi has taken action for raising money by issuing non-convertible and convertible preference shares, non-convertible and convertible debentures, and also equity shares, 104 are from the eastern Indian state, data analyzed from a Sebi release showed Himanshu Tiwari Astrologer

The state with the second biggest lot in the Sebi list is Madhya Pradesh with 27 companies, while the third highest lot is from Odisha with 14 companies. 

On Friday, the market regulator warned people not to invest in companies which raise money illegally by issuing these instruments through the private placement route. Termed as 'Deemed Public Issues (DPIs)', these companies usually collect money by selling illegally shares and debentures to a large number of gullible investors. The alert from Sebi comes close on the heels of its warning to investors about companies that come under collective investment schemes (CIS) which illegally collect money from investors by offering co-ownership of land, plantations, cattle, etc, but not shares Stock Market Trading Tips

According to industry sources, investors in rural areas of the eastern region fall prey to unauthorized fund-raising by companies because of low level of financial literacy. "Combined with high agency commissions — that can be as much as 25%, companies often sell shares and debentures to people in rural areas with a promise of participation in new projects. However, such projects never take off. Instead, these fund-raisings take the form of Ponzi schemes with funds raised through series A, B, C and so on," said Kolkata-based industry veteran Nifty Trading tips

Starting mid-2011, Sebi has taken action against 193 companies for illegally raising money through DPIs. The marker regulator has also passed orders against entities and individuals who have acted as debenture trustees for debt offerings by companies but were not registered with Sebi as debenture trustees, a release from the regulator noted. "Investors are cautioned not to subscribe to such issues. Investors are advised to see whether any such entity has filed offer document or filed application with a stock exchange for listing," the release noted. 

‘Steps initiated, NPAs to dip in a few quarters’

A series of measures initiated by the government — from capital infusion to governance-related changes and tackling bad debt — would help state-run banks tide over a rough patch, financial services secretary Hasmukh Adhia said, adding that it would take some time for the results to show Indian stock market astrology prediction

The low-profile bureaucrat said it may take a couple of quarters for non-performing assets to show a declining trend. "There are two issues — RBI has its norms on provisioning and banks are following the rules, resulting in higher provisions. Two, credit growth has been slow and at the same time banks are facing stress. The numerator is going up and the denominator is not changing so the gross NPA is seen to be higher," he said after the government announced a Rs 70,000 crore recapitalization plan. 

"Some banks have done well but it may take a couple of quarters for the reduction to begin. It will depend on the overall growth rate, credit growth and good monsoon. All this good news has to come," he said, striking a cautious note Himanshu Tiwari Astrologer 

The recapitalization plan is meant to aid banks, including lenders which have low capital adequacy ratio. "Of the Rs 20,000 crore, Rs 10,000 crore will go to banks which need extra buffer since their capital is on the margin. This will ensure that the operations of banks, which fulfill niche requirements of SMEs and agriculture, are not paralyzed. The remaining Rs 10,000 crore will be given to make strong banks stronger. The big banks will take the lead so that they can pursue greater credit growth so that the economy doesn't suffer. Last time, when we said we will give money only to good banks, it created a lot of problems in the market as people thought weak banks will be allowed to die. That's not the case — we don't want them to die," Adhia said. 

He also said that the government will measure the performance of bank up to December before allocating the remaining Rs 5,000 crore. "It will be linked to performance. We will measure the performance up to December in terms of improvement in their asset quality and other parameters. Those banks which fare better will get priority Financial Astrology Trading Tips

Adhia said the government was working with promoters, banks, ministries and other stakeholders to identify ways to tackle impaired assets. Asked about a possible package for four stressed sectors — power generation and distribution, steel and roads — he said: "There is no special scheme that can be thought of. That's why we have started sectoral meetings, we are looking at each project and we are trying to understand what their pain is and what we can do to reduce their pain. The outcome will be visible slowly and at proper time." 

The secretary acknowledged that banks have sought regulatory respite on the 5/25 restructuring scheme for the infrastructure sector as well as reworking loans with more than 10% cost over-runs and said the power ministry is in discussion with discoms to deal with their loans. "Banks may ask for extra financial restructuring plan. We need to discuss with discoms and see how they can improve their performance or whether it is possible for state governments to take over those loans Nifty Stock Trading Tips

Sensex up 409 pts over PSB fund play

Boosted by the government's decision to recapitalize state-run banks, the sensexrallied 409 points, its biggest one-day gain in a month, to close at 28,115. The government's move to divest its stake in Hindustan Copper, following a stake sale in Power Finance Corp earlier this week, also helped improve sentiment on Dalal Street, dealers said Stock Market Trading Tips

Investors were also enthused by the news that EPFO, which recently agreed to invest 5% of its incremental corpus into equities, will finally start the process on August 6 through the exchange traded fund ( ETF) route. 

Analyst expectations that corporate earnings for the April-June quarter may not be as bad as was earlier expected, along with a near-normal monsoon rainfall so far in the season, also helped sentiment, dealers said Financial astrology Trading Tips

On Friday, the sensex opened about 100 points higher and gained through the session to go above the 28K-mark after a week. The day's strong gains, however, came on the back of a Rs 278-crore net selling by FIIs. During the day, bank stocks gained over the news that the finance minister was seeking to pump in Rs 70,000 crore into public sector banks in the next four years. For the last four years, PSBs have been witnessing a rising trend of stressed assets as well as bad loans. 

Govt readies Rs 70k cr bank recap plan

The government on Friday announced a Rs 70,000 crore recapitalization packagefor public sector banks that will help them tide over equity constraints and provide them funds to lend at a time when some of the lenders are grappling with mounting bad debt, prompting them to go slow on sanctioning loans. 

The funding plan is spread over four years with Rs 25,000 crore to be handed out this year and a matching amount flowing out during the next financial year as part of a hand-holding exercise when the banks are going through a rough patch. While hoping that their valuations would improve, enabling them to tap the capital markets, and the pressure of non-performing loans would come down, the government plans to provide Rs 10,000 crore each during 2017-18 and 2018-19 Stock Market Trading Tips 

"It is a long overdue step. Government in the past has talked about it. But this time government is actually implementing it," finance minister Arun Jaitley said in a statement. 

Till 2018-19, the finance ministry has assessed the capital requirements of state-run banks at around Rs 1.8 lakh crore and the remaining amount (Rs 1.1 lakh crore) is expected to come from the markets. While Rs 7,940 crore had been allocated in the budget, on Friday, Jaitley sought Parliamentary approval for spending of another Rs 12,010 crore. The remaining around Rs 5,000 crore would be allocated in the March quarter, and would be given to banks that perform better. Financial services secretary Hasmukh Adhia said Rs 20,000 crore may be provided to banks by September Advance Market Prediction Book 2015

"The allocation for first-year recapitalisation is adequate... It's a good beginning," RBI governor Raghuram Rajan told reporters. 

During the current financial year, Rs 10,000 crore would be allocated to banks that have low capital adequacy ratio, while a matching amount is expected to go to the stronger players, helping them lend at a time when the government is trying to boost economic activity Financial Astrology Trading tips

"This estimate (of Rs 1.8 lakh crore fund requirement in four years) is based on credit growth rate of 12% for the current year and 12-15% for the next three years depending on the size of the bank and their growth ability. We are also presuming that the emphasis on public sector banks' financing will reduce over the years by development of vibrant corporate debt market and by greater participation of private sector banks," the finance ministry said Jackpot Trading Tips

FPIs need to file tax returns in ITR-6

Foreign Portfolio Investors (FPIs) also have to file their tax returns using ITR-6. These entities are now required to state their SEBI registration number. 

In India, long term capital gains arising on sale of Indian securities via a stock market against which securities transaction tax (STT) has been paid, are exempt from capital gains tax. In contrast short term capital gains are taxable in India. However, under a few tax treaties, such as the tax treaty with Mauritius, even short term capital gains are tax exempt in India Stock Market Trading Tips

ITR-6, now calls for detailed disclosure of short term capital gains by non-resident taxpayers, (which would include FPIs) who have availed of treaty benefits. These taxpayers are required to separately report the amount of short term capital gains not chargeable to tax in India . Details are required to be provided of the country of residence, the 'Article' (relevant provision) under the tax treaty under which the exemption has been claimed and a disclosure on whether the tax residency certificate has been obtained by the tax payer. To illustrate: A Mauritius resident FPI would have to obtain the tax residency certificate given by the Mauritius revenue authority to claim the benefits of the India-Mauritius tax treaty Financial Astrology Trading Tips

Further, if a non-resident has income chargeable to tax in India, as per the provisions of the tax treaty, various particulars are to be filled in the tax return. These include, not just the name of the country of residence of the non-resident and the relevant provisions of the tax treaty but also details of the tax treaty rate and the corresponding rate under the Indian tax laws. The non-resident tax payer has the option to choose either the Indian tax provisions or the tax treaty provisions, which ever are more favourable. In some cases, tax treaty rates are much lower. For instance, for the FY 2014-15 the withholding tax rate in India on royalties earned by a foreign entity was 25%, however the Singapore and Netherlands tax treaties provided for a lower withholding tax rate of 10%. Additional disclosure in the tax return is aimed at ensuring that the treaty benefits have been correctly claimed and there is no tax leakage Advance Market Prediction Book 2015

Govt seeks nod for Rs 25.5k cr extra spend

The government on Friday sought Parliament's approval for extra spending worth Rs 25,495 crore out of which Rs 12,000 crore would be for recapitalization of state-run banks Stock Market Trading tips

Presenting the first batch of supplementary demand for grants for 2015-16, finance minister Arun Jaitley sought parliamentary approval to authorise gross additional expenditure of Rs 40,821.7 crore. Of this, the proposals involving net cash outgo aggregate to Rs 25,495 crore and gross additional expenditure, matched by savings of the ministries and departments or by enhanced receipts and recoveries account for Rs 15,325.6 crore. There are typically three supplementaries that are placed in Parliament to seek approval for additional spending but this does not impact the fiscal deficit. The government has vowed to keep the deficit under control and is determined to keep it within the target of 3.9% of GDP. 

The government has approved the additional provision of Rs 25,495 crore to meet various urgent needs and priorities such as capitalisation of banks, provision for MUDRA Bank, the Swachh Bharat Mission, drinking water, Integrated Child Development Service (ICDS), panchayats, Pradhan Mantri Gram Sadak yojana, metro rails and Air India Advance Astrology Prediction Book 2015

In order to step up support to the social sector and rural development, the government has raised the amount to Rs 7,985 crore, which includes additional Rs 1500 crore for the Swachh Bharat Mission, Rs 1,000 crore for Pradhan Mantri Gram Sadak Yojana, Rs 1,000 crore for drinking water. 

The government will also provide an extra Rs 3,600 crore for ICDS, Rs 400 crore for the Rajiv Gandhi Scheme for empowerment of Adolescent girls (SABLA) and Rs 300 crore for support to panchayats. 

The civil aviation sector is set to receive an extra Rs 820 crore which includes an equity infusion of Rs 800 crore into Air India and Culture and Tourism will get an additional Rs. 50 crore. The Ministry of Home Affairs is expected to receive an additional Rs 200 crore. This includes clearing pending claims of Air India for maintenance of PM's aircraft and for procurement of six MI 17 V-5 helicopters Personal Numerology Report

Petrol, diesel prices see 2nd cut in a month

State-run fuel retailers on Friday reduced the pump prices of petrol and diesel on the back of fall in rates in regional trading hubs. 

In Delhi, petrol would become cheaper by Rs 2.43 a litre and diesel by Rs 3.60. The reductions include local levies and would vary marginally according to prevailing VAT rates Commodity Market Trading Tips

This is the sharpest-ever cut in diesel price, which had seen a reduction of Rs 3.37 a litre on October19, 2014 as the benefit of falling crude price was passed on to consumers after the Modi government deregulated its pricing. 

A sharp reduction in diesel price would help ease inflation. Diesel is the main transportation fuel and has a bearing on prices of goods and commodities. Cheaper diesel would also reduce input costs of farmers who use it widely to operate pumps for irrigating crops. 

Petrol and diesel prices were last cut by Rs 2 a litre, excluding state taxes, on July 16 but the benefit did not flow to consumers in Delhi because of the Arvind Kejriwal government's move to jack up VAT. Rather, the increase in VAT from 20% to 25% on petrol saw price going up by 28 paise. Rates of diesel, on which VAT was raised from 12.5% to 16.6%, saw a smaller reduction of 50 paise Stock Market Trading Tips

According to market leader IndianOil Corporation, a drop in the rupee-dollar exchange rate shaved some of the benefit of lower prices in the trading hubs. Petrol and diesel prices are tuned to a fortnight's average of benchmark rates in Singapore and Dubai. These prices vary according to demand and supply from refineries, which explains occasions such as June 16 when petrol price was raised by 64 paise, while diesel price was reduced by Rs 1.35 per litre. 

Among other factors determining the crack -- or difference between crude and product prices -- the rupee exchange rate plays key role among other factors Indian Stock Market Astrology Prediction

Fuel prices are expected to remain subdued in the near term unless there is a spurt in demand or there is a major outage in global refining capacity; or the rupee falls steeply against the dollar. 

The oversupply situation international crude market also weighs on the refining industry and affects margins. On Thursday, Abdullah El-Badri, Opec secretary-general, ruled out any production cut in response to lower prices and expectations of possible addition of Iranian supplies. The statement prompted a slight fall in the benchmark crudes Financial Astrology Trading Tips

Sebi panel eyes crowdfunding

 The Sebi-constituted committee headed by Infosys founder N R Narayana Murthy, which is working to boost India's thriving startup ecosystem by channelizing funds, has formed focused groups with experts from taxation, investment banking and software industry. The aim is to frame rules, recommend ways to smoothen investments and also suggest legal changes, including those related to taxation. The committee's recommendations are also expected to help fund flows into the SME sector, sources said. One of the main focus areas of the panel is crowdfunding Stock Market Trading Tips

Sub-committees are individually looking into the structure of alternative investment funds (AIFs), taxation-related issues, promotion and development of AIFs in India, and into crowdfunding and its rules. There are some other sub-committees which are looking into other aspects relating to AIFs, one of the sources said. 

The market regulator set up the committee to further boost the thriving startup ecosystem in the country by easing the process of routing alternative investments into this segment of the economy. The committee will also advise the regulator on the hurdles that could slow down the development of AIFs in the country. Like other permanent committees that advise Sebi on a continuous basis in areas like primary market, secondary market, mutual funds and others, this is also a permanent committee which was set up just two months ago Himanshu Tiwari Astrologer

To present its first report to Sebi, all the members are meeting in Mumbai in mid-August to finalize the recommendations. Post submission of the report, it would be put up on the regulator's website for public comments. Subsequently, these recommendations will be taken up by the Sebi board for deliberations and, if thought fit, will be made into rules. 

Among various issues, the committee members are eager to put in place a robust system for crowdfunding for Indian startups. This process of fund-raising uses the internet for fund mobilization from a large number of investors who are willing and also have the ability to make risky investments. If allowed with a robust set of rules, it could also lead to increased flow of credit into the SME sector. "We are working on some issues related to the number of people who can fund a company through the crowdfunding route," said a committee member Financial Astrology

Under Sebi, crowdfunding is expected to be in the nature of private placement, a concept paper on the issue that was released last year had said. However, the Companies Act, 2013 restricts the number of people who could invest in a company through the private placement route at not more than 200 in any financial year. The committee members are trying to find a suitable way which could meet the legal requirement and at the same time facilitate the crowdfunding process, a source said. 

The committee is also looking at ways to address several taxation issues relating to various AIF structures. Once the committee submits its recommendations relating to taxation issues, the same could also be forwarded to the finance ministry for consideration, sources said Indian stock market astrology prediction

Centre downplays RBI board change

The finance ministry on Friday downplayed its decision to break from tradition and replace economic affairs secretary Rajiv Mehrishi with his deputy Ajay Taygi on the Reserve Bank of India board. Although a notification nominating Tyagi, additional secretary in the department of economic affairs, on the RBI board was issued on June 22, the central bank had not made the decision public or made any changes even on its website. Tyagi has already attended one board meeting — the one held in Chennai on July 2  Indian stock market astrology prediction
Although speculation is rife over the move, given the recent differences between the finance ministry and the RBI, sources in Delhi as well as Mumbai said too much should not be read into the decision. "The economic affairs secretary is pre-occupied with various engagements in Delhi and often finds it difficult to attend RBI board meetings. That's why the additional secretary has been nominated," said a source. For years, the economic affairs secretary has been the government nominee on the RBI board with the financial services secretary joining the top table on Mint Road only recently. 

According to the RBI website, there are 17 board members, including RBI governor and four deputy governors. Mehrishi's name is still part of the central board of directors as reflected on the website  Himanshu Tiwari Astrologer

While the government and the RBI have over the years sparred over how interest rates should move, the friction over the setting up of a monetary policy committee that will decide on key rates has been a recent phenomena. Earlier this year, the government decided to withdraw its plan to amend the law to take away debt management powers from the RBI and set up an independent agency for the purpose. 

North B’luru sees biggest increase in property sales

: North Bengaluru is seeing the biggest increase in launches and sales of new residential property. 

In the first half of 2015, north Bengaluru's share of total launches increased to 37%, from 20% in the corresponding period last year, while share of sales rose to 29% from 19%, as per estimates by global property consultancy firm Knight Frank India Himanshu Tiwari Astrologer

In launches, the north now has the highest share, going past the south, which dominated launches with a 45% share in the first half of last year. In sales, the south still dominates with a 40% share, but that is down from 48% in the corresponding period last year. 

"Locations (in the north) such as Hebbal, which is fast gaining ground as an upper mid-end destination, as well as growth corridors such as Kogilu, Nagawara, Jakkur and Thanisandra, have benefitted largely owing to their improved connectivity and proximity to IT parks and the international airport," London-based Knight Frank said. 

Juggy Marwaha, MD for south India in real estate consultancy firm Jones Long LaSalle, said the north was the way to go forward. "Infrastructure is much more developed there than in the south," he told TOI Stock Market Trading Tips

The massive Manyata Tech Park near Hebbal continues to attract many global corporates. Other emerging business destinations like the aerospace park, the hardware park and the proposed IT investment region are making the north look attractive. The region's big problem though is water shortage, and it remains to be seen how the government tackles that. 

Knight Frank said most of the under-construction projects in south Bengaluru were yet to offload a significant portion of their inventory. 

However, the real estate sector as a whole continues to be demand constrained. The number of new residential project launches in Bengaluru dropped 40% to 21,400 in the first half of 2015, compared to the corresponding period last year. But it still was the highest among the eight cities surveyed by Knight Frank. Mumbai came a distant second with 18,887 Financial Astrology

In number of sales though, Mumbai topped with 28,446, compared to Bengaluru's 22,234. 

Satish B N, Knight Frank's executive director, south India, said Bengaluru remains one of the best performing markets in India. 

"We do expect buoyancy in the second half of the year as the office market has shown substantial quantum of absorption and this will have a positive impact on the residential market too," he said. Knight Frank estimates the number of launches to go up to 29,700 with sales of 27,900 in Bengaluru in the second half of 2015. 

The city has traditionally been the biggest absorber of office space among Indian cities, and it continued to maintain the leadership this year helped by strong demand from the IT/ITeS and e-commerce sectors. The city's absorption is expected to touch 11.1 million sq ft by the end of the year, from 6.07 million sq ft in the first half, the report noted Indian stock market astrology prediction

Unify targets growth through channel partners

Unify, a leading global software and services firm, unveiled a new strategy of growth in India through channel partners. The company said it will invest in head counts for vertical-focussed solutions in sectors such as healthcare, emergency management, financial trading and communications-enabled business solutions Stock Market Trading Tips

"Unify has transited the entire business in APAC to channel and distributor-led sales only. In APAC, we expect to get 100% of our revenue through the channel," said Stephan Neumeier, senior vice president. Unify provides integrated communications solutions to about 75% of the Fortune Global 500 companies Himanshu Tiwari Astrologer

Relief in offing for road developers

The road transport and highways ministry has proposed to extend the concession period of toll collection where project take-off has been delayed due to government's fault. The move is seen as a major relief for highway developers implementing project on public-private-partnership (PPP) mode Indian stock market astrology prediction

The ministry has circulated a proposal, seeking feedback from other ministries before it is placed before the Cabinet for approval. Sources said majority of the over 80 delayed projects would qualify to get this relief. "In most of the cases, project got delayed as we could not provide adequate land as promised in the contract and the statutory clearances including forest and environment in time. The developer should not be made to suffer or lose their investment for our fault," said a ministry official. 

He added that extension of the concession period to collect toll is aimed at helping the developers to recover their investment. Sources said the period of extension will be equal to delay in terms of months or weeks Himanshu Tiwari Astrologer

NITI Aayog wants a chief economist to study economic policy

The NITI Aayog has decided to hire a chief economist to conduct research on country's economic policy issues as well as to build contacts with outside institutions. The Aayog's advertisement posted on its website said that it wants to hire a chief economist by any of the three methods --promotion, deputation or direct recruitment Stock Market Trading Tips

The post may also be filled for a short-term contract period. 

The chief economist will be entrusted with the tasks of conducting research on contemporary and futuristic economic policy issues on India and its states; conducting workshops and help built research culture within NITI Aayog and promote contact with outside scholars and institutions of distinctions. The pay scale will be decided at the time of selection, depending upon the qualification and experience of the person selected Himanshu Tiwari Astrologer

 The Aayog, which replaced the erstwhile planning commission, had earlier invited applications for seven posts of consultants as officers on special duty (OSDs). The consultants are required to be experts in the areas of economics and social issues, IT, transportation, legal issues and engineering. Each consultant is being offered a remuneration of Rs 1,55,000 per month Indian stock market astrology prediction

Maggi ban: HC to decide on Monday

The Bombay high court on Friday reserved its order till August 3 on a petition filed by Nestle India against orders of Food Safety Standards Authority of India and Food and Drugs Administration of Maharashtra banning Maggi Indian stock market astrology prediction

Nestle argued that its product did not contain lead in excess of permissible ceiling and challenged the tests by FSSAI and FDA, while the food regulators said the lead content in Maggi detected during tests in laboratories was harmful to health. 

The order was reserved by justices V M Kanade and B P Colabawala who had asked both the sides to give their consent for a fresh independent test. However, the parties could not arrive at a consensus to the suggestion mooted by HC Share Market Astrology

Nestle's lawyer Iqbal Chhagla said the tests should be conducted in the presence of a renowned scientist and the samples available with the company should be used. Darius Khambata, appearing for FDA, said that one of the samples must be from the lot collected by state FDA Nifty Trading Tips

Mangalore Refinery begins commercial production of polypropylene

Mangalore Refinery and Petrochemicals Ltd (MRPL), a subsidiary of Oil and Natural Gas Corporation Ltd (ONGC), has begun commercial production ofpolypropylene from its new unit as a part of its phase III expansion plan. “MRPL has successfully commenced commercial production of polypropylene from its polypropylene (PP) plant as part of its phase III refinery expansion and upgradation project on June 18, 2015,” said MRPL in a BSE filing. The plant has capacity to produce 440,000 tonne per annum (TPA) of polypropylene Himanshu Tiwari Astrologer
 
The feed stock for the polypropylene plant, polymer grade propylene, is being produced from upstream petrochemical fluidised catalytic cracking unit (PFCCU). The technology for the polypropylene plant, which has been engineered and constructed by Engineers India Limited, has been provided by Novolen of Germany.
 
With the commercial production of PP unit, MRPL will be able to meet the polypropylene demand from industries such as textile, automobile, plastic product processors, etc in the south India. MRPL PP unit is the only plant in South India, which is estimated to have 5 lakh tonnes per annual demand for polypropylene Stock Market Trading Tips
 
The polypropylene unit has been set up at an estimated Rs 1,803 crore as part of the refinery’s third phase of expansion. MRPL has completed its phase III expansion project - which included capacity addition of 3 MMTPA, polypropylene unit and single point mooring (SPM) facility - with the commissioning of petrochemical fluidised catalytic cracking unit (PFCCU).
 
As part of its diversification strategy, Mangalore Refinery and Petrochemicals has recently increased its holding from 3 percent to 46 percent in ONGC Mangalore Petrochemicals (OMPL). Being situated adjacent to MRPL phase III, OMPL will be in a position to receive feedstock directly from MRPL Advance Market Prediction 

Mutual funds exposure to IT stocks surges to Rs 36,000 cr

Investments by mutual fund (MF) houses in information technology (IT) shares surged 55 per cent to Rs 36,000 crore at the end of May, compared with Rs 22,986 crore in May last year.

According to experts, equity fund managers raised their bet on banking, software, automobiles, pharmaceuticals stocks last month, as these sectors have given smart return to investors Stock Market Trading Tips

ALSO READ: Mutual funds log Rs 1 lakh cr inflows in Apr-May

MF is an investment vehicle that is made up of a pool of funds collected from many investors for the purpose of investing in securities such as stocks, bonds, money market instruments and similar assets.


According to data available with the Securities and Exchange Board of India (Sebi), the overall deployment of equity funds in IT stocks stood at Rs 35,750 crore in May compared with Rs 34,100 crore in the previous month. Besides, exposure to IT stocks was at 9.45 per cent of equity AUM in May as against 9.43 per cent in the preceding month. The benchmark BSE Sensex witnessed a rise of 3 per cent last month, while the IT index rose five per cent during the period under review Himanshu Tiwari Astrologer 

IT was the second-most preferred sector with fund managers after banks, with an exposure of Rs 79,215 crore.

Besides, pharma witnessed a deployment of Rs 29,246 crore, followed by auto (Rs 26,215 crore) and finance (Rs 22,925 crore)
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Indian money in Swiss banks fall 10%

Money held by Indians in Swiss banks fell about 10 per cent last year to 1.8 billion Swiss francs (about Rs 12,615 crore), amid an enhanced clampdown against the famed secrecy wall of Switzerland's banking system by Indian and other govts Stock Market Trading Tips

The funds held by Indians with banks in Switzerland fell 215 million Swiss Franc to 1,815 million Swiss Franc (about $1.98 billion dollar), from 2,030 million Swiss Franc, according to the latest data released on Thursday by the country's central banking authority Swiss National Bank (SNB).

This is the second lowest amount of funds held by Indians in the Swiss banks and follows an increase of over 40 per cent in the previous year, 2013.

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In contrast, the money held in Swiss banks by their foreign clients from across the world surprisingly rose during 2014 to 1.5 trillion Swiss Franc ($1.6 trillion or Rs 103 lakh crore), from about Rs 90 lakh crore at the end of 2013 — the record low level so far. During 2012, the Indians' money in Swiss banks had fallen by over one-third to its lowest ever level of 1.42 billion Swiss franc (Rs 8,530 crore) Himanshu Tiwari Astrologer 

According to the latest data, the total Indian money held in Swiss banks at the end of 2014 included 1,776 million Swiss franc or Rs 12,350 crore held directly by Indian individuals and entities (down from 1,952 million Swiss Franc a year ago) and 38 million Swiss franc (down from 77.3 million Swiss francs at 2013-end) through ‘fiduciaries’ or wealth managers.

However, "amounts due to customers' savings and deposit accounts" was only 52 million Swiss Franc (down from 63 million Swiss Franc a year ago), while over 100 million Swiss Franc was due through other banks and the remaining amount of well over one billion Swiss francs have been classified as "other amounts due to the customers" from India Advance Market Prediction Book 2015

Indian High commission raises alarm over cashew import frauds from Tanzania

Financial frauds originating from African countries and duping Indian exporters and importers, has surfaced as the newest threat in cyber space.

Last month, the Indian High Commission took up the matter of increasing number of financial frauds affecting Indian cashewnut importers with the Tanzanain government. In an advisory dated 5 June, the Indian High Commission in Tanzania cautioned Indian businessmen against fake cahshewnut exporters from Tanzanai Stock Market Trading Tips

In addition, it also held meetings with the representatives of the Cashewnut Board of Tanzania to avert such frauds ahead of the cashwenut procurement season, which is set to begin in September. In an earlier advisory in May, the Indian High Commission, in particular had blacklisted one such company, M/S Acclimatise International Group, which had been duping Indian importers.

A letter posted on the website of Apeda, by the Indian High Commission on May 18, 2015, it said, "We have come across cheating of Indians by a Tanzanian company, M/S Acclimatise International Group. The modus operendi is to operate on the internet and lure Indian businessmen who are in the business of import of cashewnuts...The High Commission has also taken up (the matter) at the higher levels of the Tanzanian government Himanshu Tiwari Astrologer

According to Rakshit Tandon, advisor, cybercrime redress cell of Uttar Pradesh Police, in the last three months, his firm received close to 110 complaints by importers and exporters from states like Uttar Pradesh, Madhya Pradesh, Haryana and Delhi. The mode of operation involves sending promotional emails with attachments to importers. Once the attachments are opened, a malware stealthily compromises the e-mail of the user. Subsequently, the emails of the counterpart exporting firm are filtered out to spam mails, while an email from a domain name almost similar to the original exporter asks the Indian importer for payment in a bank account that belongs to the fraudsters.

"Instances of import-export fraud have risen substantially in the last few months. In most of the instances, the payment diversion has been taking place in countries such as UK, Malaysia and China," said Tandon Financial Astrology Trading tips

Online financial frauds come in varied forms like auction, credit-debit card , check and lottery frauds, which are together known as 419 AFF (advance-fee fraud) crimes. In India, there are 49 AFF scam rings with 1,610 active members, the fifth highest in the world, according to a report by Ultrascan Advanced Global Investigations released in July 2014.

"In the last six months, we have seen almost a 150% rise in email scams involving exporters and importers. Most of these frauds are seen originating from African countries, with payments made in the UK," said says Mukesh Choudhary, a cybercrime expert.

Last month, the cyber crime branch of Delhi Police arrested two Nigerians for defrauding Indian herbal medicine exporters Share Trading tips