INTRADAY GUIDE - Future of my Channel - Goals and Plans

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RBI की POLICY क्या करे ?? || 05 JUNE 2018

Want to earn up to Rs 50 mn? Be an informer to Income Tax dept; here's how

Sharing "specific information" with the income tax department about any benami transaction or property could earn you up to Rs ten million, while the same for undisclosed black money stashed abroad could fetch up to Rs 50 million.

Besides, the 'Income Tax Informants Reward Scheme' has also been amended under which a person can get reward up to Rs 5 million for giving specific information about substantial evasion of tax on income or assets in India, which are actionable under the Income-tax Act, 1961.

The CBDT today announced Benami Transactions Informants Reward Scheme, 2018, under which any person, including foreigners, can inform Joint or Additional Commissioners about benami transactions and properties which can be tried under the Benami Transactions (Prohibition) Amendment Act, 2016.

This reward scheme is aimed at encouraging people to give information about benami transactions and properties as well as income earned on such properties by such hidden investors and beneficial owners, the Central Board of Direct Taxes (CBDT) said.

"Under the Benami Transactions Informants Reward Scheme, 2018, a person can get reward up to Rs one crore for giving specific information in prescribed manner to the Joint or Additional Commissioners of Benami Prohibition Units (BPUs) in Investigation Directorates of Income Tax Department about benami transactions and properties as well as proceeds from such properties which are actionable under Benami Property Transactions Act, 1988, as amended by Benami Transactions (Prohibition) Amendment Act, 2016," it said.

The tax department also assured full confidentiality of the informer for all the reward schemes saying that the identity of the persons giving information will not be disclosed.

With regard to information shared with the I-T authorities about any undisclosed black money held overseas under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015, an informer could earn a reward up to Rs 5 crore.

The reward amount for information under the Foreign Black money Act has been kept high at Rs 5 crore to make it "attractive to potential sources" in foreign countries, the I-T department said.

"Under this Scheme, a person can get reward for giving specific information in prescribed manner about substantial tax evasion on income and assets abroad which are actionable under Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015," it added.

In a statement, the tax department said that it was found in many cases that black money was invested in properties in the name of others, even though benefits were enjoyed by the investor concealing his beneficial ownership in his tax returns.

The government had earlier amended Benami Property Transactions Act, 1988, by Benami Transactions (Prohibition) Amendment Act, 2016 to make the law stronger.

With the objective of obtaining people's participation in the Income Tax Department's efforts to unearth black money and to reduce tax evasion, a new reward scheme titled Benami Transactions Informants Reward Scheme, 2018 has been issued by the Income Tax Department.

Copper recovers on mild industrial demand

Copper prices edged up by Rs 2 per kg at the non-ferrous metal market today on scattered demand. 

Traders said mild demand from consuming industries at domestic spot market, led to a rise in copper prices. 

In the national capital, copper mixed scrap traded higher by Rs 2 to Rs 438 per kg. 

Following are today's metal rates (in Rs per kg): 

Zinc ingot Rs 140-146, nickel plate (4x4) Rs 870-875, gun metal scrap Rs 227, bell metal scrap Rs 229, copper mixed scrap Rs 438, chadri deshi Rs 295.

Lead ingot Rs 141, lead imported Rs 148, aluminium ingots Rs 168, aluminium sheet cutting Rs 164, aluminium wire scrap Rs 164 and aluminium utensils scrap Rs 162 

Whirlpool India to acquire 49% stake in Elica PB

New Delhi: Whirlpool India said on Saturday that its board has approved a proposal to enter into a strategic joint venture with Elica and acquire 49% equity in Elica PB India Pvt.

This, it said is in line with the strategic priority for Whirlpool India to expand the cooking and built-in appliance portfolio. “As part of the joint venture, Elica PB India will manufacture and distribute cooking and built-in appliances under the Whirlpool brand in India,” Whirlpool said in a filing to stock exchanges.

However, the statement did not disclose financial details of the transaction. The parties expect the transaction to close in the second half of 2018. Elica PB India is a subsidiary of Elica SpA Italy and has been operating in India since 2010.

“The cooking and built-in appliance space is poised for very strong growth in India based on increasing consumer demand,” said Sunil D’Souza, managing director of Whirlpool India.

Speaking about the joint venture, Pralhad Bhutada, CEO of Elica PB India said that with the addition of Whirlpool brand’s products, “We will be offering two very appealing appliance brands to the Indian consumers and we are confident that we can take both these brands to greater heights”. Whirlpool presently owns three manufacturing facilities at Faridabad, Pondicherry and Pune.

India’s BPCL seeks extra Iran oil amid sanctions threat

Iranian oil attractive due to discount; India, Europe to explore ways to protect trade with Iran

Indian state refiner Bharat Petroleum Corp. has requested an extra one million barrels of oil from the National Iranian Oil Co. (NIOC) for June, two industry sources said, amid a looming threat of stringent U.S. sanctions.

The move by BPCL indicates that refiners will try to front-load their purchases from Iran ahead of a November U.S. deadline for re-imposing sanctions on the country’s petroleum sector.

Uncertainties cloud Iran’s oil exports after U.S. President Donald Trump abandoned a 2015 nuclear agreement this month and ordered the re-imposition of U.S. sanctions on Tehran.

Some sanctions take effect after a 90-day “wind-down” period ending on August 6, and the rest, notably on the petroleum sector, after a 180-day “wind-down period” ending on November 4.

“At this point of time Iranian crude is attractive ... it is faring better than spot cargoes and other crudes,” said one of the sources.

Free shipping

Iran has agreed to provide almost free shipping to Indian refiners in 2018/19, an incentive that significantly reduces the landed cost of Iranian oil compared to rival regional grades.

“When the going is good, BPCL thought it should take it,” this source said.

BPCL did not respond to Reuters’ request for comment.

Top client

India is Iran’s top oil client after China and was one of the few nations that continued to trade with Tehran during the previous round of Western sanctions as New Delhi follows only the restrictions imposed by United Nations.

So far India’s oil imports and payment mechanism have not been hit by the threat of U.S. sanctions.

India’s Reliance Industries Ltd., owner of the world’s biggest refining complex, plans to halt oil imports from Iran, two sources familiar with the matter said this week, in a sign that new U.S. sanctions are forcing buyers to shun oil purchases from Tehran. Reliance’s move is expected to take effect in October or November.

Europe visit

An Indian delegation with officials from the finance, petroleum and foreign ministries will visit European nations for a week from Monday to explore ways to continue to trade with Iran despite U.S. sanctions, a government official said.

European states have been scrambling to save the 2015 nuclear deal and planning a package of economic relief to persuade Iran to stay in the deal.

“Europe has taken a position, which is different this time. This time we are in the same boat,” this official said.

The Indian delegation would visit France, Germany, Britain and Brussels to meet governments and bankers. Currently India settles oil payments in euros through Germany’s EIH Bank.

“(It’s) not only oil imports, we (European nations and India) are also impacted by concomitant things like banking. We will discuss all these and the way forward,” the official added.

‘PSB losses wipe out $13 bn of infusions’

Situation likely to sustain in FY19: Fitch

Losses at state-run banks have almost entirely wiped out the $13-billion capital infusion by the government, and the situation is unlikely to improve in the current fiscal year, ratings agency Fitch said.

The big losses will pressure banks’ viability ratings as well, it warned.

“Cumulative losses at the state banks were large enough to wipe out almost all of the government’s capital injections of $13 billion in FY18, and weak performance is likely to continue in the coming year,” it said.

The poor results are due to revision in non performing asset (NPA) recognition norms, which is accelerating bad loan recognition, it said, adding that the February 12 revision is part of a clean-up that should improve the health of the bank sector over the long term.

The revisions have led to a major uptick in credit costs for state-run lenders to 4.3% in FY18, from 2.5% in the year-earlier period, while NPAs for the bankingsector rose faster than expected to 12.1% from 9.3%.

For state-run lenders, the average NPAs shot up to 14.5%, with IDBI Bank, UCO Bank and Indian Overseas Bank having NPAs of above 25%. About 19 of the 21 state-run banks reported losses for the fiscal, including the country’s largest lender SBI, while the otherwise resilient private sector banks were also not immune, with Axis Bank reporting its first quarterly loss.

Capital buffers at six state-run banks, including second-largest lender by assets Punjab National Bank, slid below the minimum prescribed by the regulators, it said, adding that they will have to meet the 8% requirement by end of FY19.

Govt. capital needed

The $11 billion in capital committed by the government for FY19 will help banks avoid breaching regulatory triggers, but more government capital is required to stabilise banks’ balance sheets, meet regulatory requirements and support growth, it underlined.

It is possible that the list of state-run banks placed under the RBI’s prompt corrective action framework that focuses on strengthening quality over growth, will get enlarged this year, Fitch said.

The higher NPAs reflect a “full recognition of legacy problems,” Fitch said,o welcoming the rise in provision coverage ratios by banks to 50%.

NPA resolutions under the insolvency and bankruptcy code can also release capital for banks, but there is the risk of legal delays, the credit ratings agency said.