Now the interest rate would be officially notified in the government gazette following which the EPFO headquarter would give directions for crediting the rate of return on EPF into the subscribers accounts.
EPFO’s Central Board of Trustees, the apex decision-making body under the labour minister, had in March this year approved 8.5% interest rate on EPF for 2019-20. In September, the retirement fund body had decided to split payment of 8.5% interest into two tranches of 8.15% and 0.35%.
Nifty50 is trading at 22 times one-year forward, which is a normalised post-Covid earning. This is expensive despite the fall in interest rates.
According to the SLBC, the total outstanding amount under housing finance by banks stood at Rs 92,195 crore by September as against Rs 76,280 crore in the same period last fiscal. The outstanding amount was Rs 89,818 crore in April-June 2020.
A lot depends on whether companies will be able to sustain the September quarter margin or not, says Nilesh Shah.
Currently, the share of transactions by FASTag is hovering around 75-80%. In a communication to NHAI, the ministry has said the highways authority can obtain the needed regulatory requirement from it for ensuring 100% cashless fee collection from February 15.
Term deposits – contributing almost 60% of total deposits – moderated, reflecting the easing of interest rates and the lure of returns on competing asset classes. Term deposit growth of private banks decelerated sharply even as it quadrupled in public sector banks, Reserve Bank of India said.
For taxpayers whose accounts have to be audited, companies and taxpayers who are required to furnish reports in respect of international or specified domestic transactions would have till February 15 to file their income tax returns.
The Points of Presence would identify the bank account number of the subscriber by 'Instant Bank Account Verification' through penny drop and also verify the uploaded documents. The CRAs and POPs are advised by PFRDA to develop the required technical functionalities in a time bound manner.
"Over 4.37 crore Income Tax Returns for AY 2020-21 have already been filed till 28th of December, 2020," the Income Tax department tweeted.
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This year turned out to be eventful for the equity market, witnessing bearish and bullish sentiments at different points of time.
We saw record outflow from debt markets to the tune of $14 billion, as interest rates fell by 100 basis points and CPI inflation remained high.
Axis Mutual Fund has gathered a total AUM of more than 17,000 crore in its equity schemes in the pandemic-hit 2020.
The unitholders’ meetings have brought the voting process to an end. The Supreme Court will decide the further course of action in its next hearing in January, 2021.
“A weak dollar coupled with low interest rates globally will drive a lot of money to emerging markets,” said Radhika Gupta, CEO, Edelweiss Mutual Fund.
The government is set to extend the deadline for 100% collection of toll charges on the National Highway (NH) network through FASTag. Earlier, the National Highways Authority of India (NHAI) had announced to completely do away with cash transactions for paying toll charges from January 1.
All stocks but Laurus Labs delivered poor returns: seven of them ended up eroding up to 77 per cent of investor wealth; two delivered a tepid return of 3 per cent each.
"Over 4.37 crore Income Tax Returns for AY 2020-21 have already been filed till 28th of December, 2020. Hope you have filed yours too! If not filed as yet, don't wait. File your #ITR for AY 2020-21 TODAY!," the Income Tax department tweeted.
Nippon India Mutual Fund has launched a geo-targeting campaign to help potential mutual fund investors connect with empaneled mutual fund distributors.
According to the exposure draft, insurers will be allowed to launch five standard travel insurance plan variants under domestic travel and four plan variants under overseas category. The exposure draft spells out the coverage and exclusions under domestic and overseas travel insurance.
The amalgamation of Oriental Bank of Commerce and United Bank of India into PNB came into effect from April 1, 2020.
IRDAI was quite prompt in announcing measures that made protection products easily available to all amid the pandemic. Industry expects the regulator will keep up the tempo in 2021 as well.
With banks riding on surplus liquidity and no significant pick-up in credit, home loan rates could remain soft.
Broadbased surge in indices led by higher number of stocks easing concentration risk
After wild swings in a pandemic-ravaged year, the stock market finally appears to end with unusually high gains, which coupled with robust inflows in fixed income schemes helped mutual funds add a staggering Rs 3.5 lakh crore to their asset base in 2020.
Here’s a weekly tracker of returns from alternative investments, namely gold, silver, platinum and WTI crude. These should not be compared with traditional investments since the proportion and purpose of alternative investments is vastly different.
Within nine months of the Covid-induced crash, the Sensex not only recovered lost ground but closed at a record high of 46,960 and the Nifty at 13,760 on 18 December. While some of the GDP fall can be attributed to the Covid, the situation was already in decline.
The voting process for unitholders to decide the fate of the six debt schemes of Franklin Templeton Mutual Fund will begin on December 26 and end on December28th.
FASTag was launched in 2016 and four banks together issued nearly a lakh of them. By 2017, their numbers went up to seven lakh and more than 34 lakh FASTags were issued in 2018.
That strategy of sticking with quality has certainly paid off in 2020, which has seen the Sensex erasing more than a third of its value during the March meltdown and then surge relentlessly to break record highs.
UTI Small Cap Fund is an open-ended equity scheme which will predominantly invest in small cap stocks. The scheme will re-open for subscription and redemption for an ongoing basis from December 23.
These mobilisations come at a time when domestic investors have been sellers in equity mutual fund schemes for the last five months, with such schemes seeing outflows of Rs 22,856 crore.
Unlike in the past, retail investors have bought quality stocks rather than going after penny stocks for quick gains: Analysts
The survey found that 77% of seniors across the three survey regions live independently either in their own or rented houses.
Legitimate public lending activities can be undertaken by banks, non-banking financial companies (NBFCs) registered with the RBI and other entities who are regulated by state governments under statutory provisions.
Sensex and Nifty have risen 14 per cent and 13 per cent, respectively, for the year to date, while BSE midcap and smallcap indices have risen 19 per cent and 30 per cent, respectively.
The tap-and-get-a-loan “solution” is pushing a large number of people into a trap far deeper than the financial condition they are in.
As of August-end, the loans overdue for over 90 days in the credit card segment were 0.51 per cent up from the year-ago period at 2.32 per cent, while the same for the loans against property was 0.34 per cent up at 3.96 per cent, Transunion Cibil said.
With interest rates softening and the economy running into a downspin, LIC had conveyed its inability to give 1 lakh on the initial investment. The government went through the issue, and in October the Cabinet decided to implement the Bhagyalakshmi scheme on the lines of the Centre’s Sukanya Samriddhi scheme, this time with the help of India Post.
A dozen brokerages which took part in the ETMarkets’ New Year Survey suggested going for a diversified portfolio with an average of 45-70 per cent allocation to equity, 15-40 per cent to bonds and 5-20 per cent to gold.
Recent bounce rates reflect growing stress among mid-and lower-income borrowers.
The cost of major raw materials increased by 9% year-on-year during August-October 2020, with prices of steel and iron witnessing the highest growth. Basic raw material index constitutes inputs such as steel, iron, aluminium, plastics and rubber.
Users of Central Bank RuPay Select Debit Card can avail complementary membership and concessional access to golf courses, gyms, spas and restaurants, the bank said.
Many multinationals and Indian companies have seen secondment, a temporary transfer of an employee to another country, during Covid pandemic. This is mainly because employees preferred to relocate or work from a particular country.Many multinationals and Indian companies have seen secondment, a temporary transfer of an employee to another country, during Covid pandemic. This is mainly because employees preferred to relocate or work from a particular country.
Naren said the velocity of the stocks rally post March slump surprised him and his strategy of being cautious proved wrong.
Among public sector banks, the best performer was Oriental Bank of Commerce, which matches Paytm Bank’s rate of 0.8 per lakh but has less than 1% of total volumes. Bank of Baroda at 5%, had the highest market share in UPI transactions among nationalised banks.
Dealers say the pick in festival retail means the stock pipeline is not overloaded and many manufacturers are still struggling to hit peak capacity.
Wealth managers doubt their role as a hedge on par with gold given the volatility and the margin of safety at elevated prices.