Finance Sector

OFT to impose stricter rules on Payday loan companies

OFT to impose stricter rules on Payday loan companiesMarket regulator, the Office of Fair Trading (OFT) has found in a yea long investigation that consumers are being exposed to serious harm due to the issues with the Payday loan companies and the government is expected to release stricter norms for regulation.

It is believed that the payday loan companies will face more advertising restrictions and they will be under closer supervision. The government is looking to reduce the number of adverts shown per hour on TV and also make sure that the terms and conditions are displayed clearly for the customers.

Budget will be responsible towards its citizens, says FM

Budget will be responsible towards its citizens, says FMIndia's union Finance minister has said that P Chidambaram has assured people that the union budget for the coming financial year will be responsible towards its citizens. There are several recommendations and suggestions forwarded by analysts and intellectuals in the country ahead of the budget, which impacts the entire Indian economy and beyond.

The government is trying hard to control its deficit amid a global economic slowdown.  The finance minister is hoping for higher growth to be able to meet targets for reducing its fiscal deficits.

Salaried taxpayers want limit to rise to Rs. 3 lakhs

Rolls-Royce appoints Ian Davis as new chairmanAccording to a new survey, a majority of salaried taxpayers across industries in the country want the government to increase the tax exemption level to at least Rs. 3 lakhs in the upcoming union budget.

A survey conducted by Assocham showed that taxpayers also want Finance Minister P Chidambaram to include deductions like medical and educational allowances in the Budget. The survey showed that more than 89 per cent of the participants believe that tax free income slab has not moved in according with the real inflation

SKS Microfinance collected higher than permitted premium, says IRDA

SKS Microfinance collected higher than permitted premium, says IRDASKS Microfinance, India's only listed micro-finance Company, has collected much higher premium than permitted, according to industry regulator, the Insurance Regulatory and Development Authority (IRDA).

J. Hari Narayan, Chairman, IRDA said, "In the group insurance policies, they charged higher premium without informing the clients what is the actual premium. If the premium to be collected is Rs one, they had charged Rs 2."

Revenue Dept. urged to take extra efforts to meet tax collection target

Revenue Dept. urged to take extra efforts to meet tax collection targeUnion Finance Minister P Chidambaram has suggested that the Revenue Department should make extra efforts to meet indirect tax collection target as the slowing economy had made tax collection targets difficult to achieve.

Mr. Chidambaram said that economy slowed down and decline in imports and manufacturing made this fiscal a difficult year for tax collections.

Finance Ministry Consultative Committee suggests a ‘practical and visionary’ budget

P-Chidambaram1New Delhi, Feb 4 : The Consultative Committee attached to the Ministry of Finance on Monday suggested Finance Minister P. Chidambaram to prepare a practical, reasonable and visionary budget for the upcoming Budget Session of Parliament.

The pre-budget consultation meeting held today under the Chairmanship of the Finance Minister in which the members of the committee said that budget should give incentive for job creation, growth oriented and give recognition to young entrepreneurs and innovators.

Chidambaram to launch RGESS in Mumbai on Feb. 9: sources

Chidambaram to launch RGESS in Mumbai on Feb. 9: sourcesUnion Finance Minister P Chidambaram will reportedly launch the Rajiv Gandhi Equity Savings Scheme (RGESS) in Mumbai on 9th of February.

Sources with direct knowledge of the development said Mr. Chidambaram would go to Mumbai next month to formally launch the scheme.

Revealing the development, "He (Chidambaram) is going to Mumbai next month and will formally launch the Rajiv Gandhi Equity Scheme there."

RBI Gov. Subbarao meets Chidambaram to discuss macro-economic situation

RBI Gov. Subbarao meets Chidambaram to discuss macro-economic situationRBI Governor Duvvuri Subbarao on Thursday held a meeting with Union Finance Minister P. Chidambaram to discuss the macro-economic situation ahead of the central bank's January 29 monetary policy review.

Speaking to reporters, outside the union finance minister's North Block office, Subbarao said that it was a standard practice to meet the finance minister ahead of a monetary policy review.

Mahindra Financial reports 29 per cent increase in net profit

Mahindra Financial reports 29 per cent increase in net profitMahindra & Mahindra Financial Services Ltd (M&MFSL) has said that it has reported an increase of 29 per cent in net profits to Rs 200 crore during October-December 2012 quarter.

The company had reported a net profit of Rs 155 crore during the same quarter of the previous year. The company's non-banking finance company (NBFC) registered a growth of 36 per cent at Rs 216 crore compared to Rs 159 crore in the same period of the previous year on a consolidated basis.

IFCI board looked set for complete overhaul

IFCI board looked set for complete overhaul Just around two weeks after the Industrial Finance Corp of India (IFCI) became a government-owned company; its board looked set for a complete overhaul.

The government has replaced two of the company's nominee directors, while four of the eight independent directors from the 12-member board have also resigned. The four independent directors who have departed the
12-member board are: Atul Ashok Galande, Vijendra Singh Jafa, Shabbeer Pasha and Shohbit Mahajan. More replacements and resignations are likely in the coming days.

Muthoot rises 16.44% following RBI draft guidelines

Muthoot rises 16.44% following RBI draft guidelinesThe shares of Muthoot Finance Ltd increased today after the country's central bank released raft guidelines on gold linked guidelines.

The Reserve Bank of India (RBI) released draft guidelines based on the recommendations of the KUB Rao Committee. The KUB Rao Committee has reportedly said that there is no risk to the financial system because of gold loan NBFCs. George Alexander Muthoot, MD, Muthoot Finance noted that the recommendations from the committee will remove negative sentiment from in the market.

Indian Market Continues With Uptrend; Gold Finance Companies Gain

Indian Market Continues With Uptrend; Gold Finance Companies GainIndian Stock Markets continued in the positive territory on Thursday as the US markets gained smartly on Wednesday. Stock prices of Gold Loan companies witnessed huge demand after reports of loan valuation for gold ratio increase to 75 per cent.

JSW Steel has increased price of all steel products of the company. The stock price was higher in today's session. Maruti Suzuki and M&M witnessed higher sales during December compared to other auto majors facing tough times.

Kalaari Capital invests Rs 5 crore in Power2sme

Kalaari Capital invests Rs 5 crore in Power2sme Venture Capital fund Kalaari Capital has confirmed that it has invested Rs 5 crore in small businesses purchase aggregator Power2sme, to help the company expand further in the Indian market.

Power2sme will use the proceeds to expand its presence across newer geographies like including Mumbai, Pune, Ahmedabad, Chandigarh; and hiring talent as well as increasing its brand visibility.

Kalaari Capital has teamed up with Power2sme's existing investor Inventus Capital Partners in expanding the Series "A" fund raising program.

Interest relief for exporters to stay

Interest relief for exporters to stayIn a bid to provide a much-required boost to exports, the union Government on Wednesday extended interest relief for exporters and announced a number of incentives.

The 2% interest subvention scheme has been extended for one more year. The scheme was to expire in March 2013.

The Government also decided to cover more sectors under the interest subvention scheme. Exporters of engineering goods will be one of the major beneficiaries of the decision.

IIFCL looking to raise Rs 9,215 crore through tax-free bonds

IIFCLThe state run-India Infrastructure Finance Company Ltd (IIFCL) on Monday said that it is looking to raise upto Rs 9,215 crore through tax-free bonds amid indications that the instruments have remained attractive avenue for investments.

IIFCL chairman and managing director SK Goel said, "We plan to raise Rs 1,500 crore with green-shoe option up to the shelf limit of Rs 9,215 crore on first-come first-serve basis."

Govt. promises stable tax regime

Govt. promises stable tax regimeUnion Finance Minister P Chidambaram has claimed that the government would ensure a stable tax regime that would be in the interest of taxpayers as well as tax collectors.

Speaking at a consultative committee attached to the finance ministry, Mr. Chidambaram said that the government was committed to ensure best services to taxpayers for better tax compliance and revenue growth.

The Finance minister said, "Our focus is always to have a reasonably stable tax regime, which is in the interest of both the taxpayers as well as tax collectors."

Foreign banks’ expansion plans will have to wait more

Foreign banks’ expansion plans will have to wait moreForeign banks' expansion plans in India will have to wait more as Finance Minister P Chidambaram removed a key clause, which would have allowed foreign banks to set up wholly owned subsidiaries, before getting the Banking Laws (Amendment) Bill passed in Lok Sabha.

The key clause would have allowed the Reserve Bank of India (RBI) to waive capital gains tax or stamp duty on their conversion from a branch mode of operation to a wholly owned subsidiary.

DCT scheme to be rolled out only in districts where preparations are fool-proof

DCT scheme to be rolled out only in districts where preparations are fool-proofThe Government will roll out its much-talked about Direct Cash Transfer (DCT) Scheme only in those districts and for only those schemes where preparations are fool-proof, a senior finance ministry official said.

As per the Government's declared plans, the ambitious scheme will be implemented in 51 districts across the country, from January 1, 2013.

Direct Cash Transfer will lead to seamless transition: Chidambaram

Direct Cash Transfer will lead to seamless transition: ChidambaramUnion Finance Minister P. Chidambaram has reiterated that the Government's ambitious Direct Cash Transfer system would eliminate leakages, delays and falsification, and lead to a seamless transition.

Answering a question by BJP leader Prakash Javadekar in Rajya Sabha, Mr. Chidambaram said, "It will lead to seamless transition. The Government firmly believes this will introduce a very high degree of efficiency and transparency."

SEBI sets new rules to prevent flash crashes

SEBI sets new rules to prevent flash crashesMarket regulator Securities & Exchange Board of India (SEBI) has announced a new set of guidelines to prevent flash crashes in future.

Under its new rules, SEBI ordered stock exchanges not to accept single orders for stocks, equity derivatives, or exchange traded funds worth over one hundred million rupees. It capped single orders at around $2 million.




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