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Tuesday, December 30, 2014
IRDA proposes insurance awareness policy
MF Utility gets green signal from SEBI
IRDA to have separate regulations for health insurance
- Health insurance products and distribution structure
- Reinsurance in health insurance
- Protection of policyholders
- Place of health in rural and social sector obligation
- Mergers and acquisition
- Approaches to solvency and various actuarial matters
- Investment as well as financial matters
Source: Team CafeMutual
Canara Robeco Emerging Equities Announces Change In Exit Load Structure
Canara Robeco Mutual Fund has announced change in exit load under Canara Robeco Emerging Equities, with effect from 01 January 2015.
Accordingly the revised exit load will be:
If redeemed / switched out within 18 months from the date of allotment, the exit load will be 1%.
If redeemed / switched out after 18 months from the date of allotment, the exit load will be Nil.
L&T MF Announces Change In Exit Load Structure Under Three Schemes
L&T Mutual Fund has announced change in exit load structure under L&T India Large Cap Fund, L&T India Value Fund and L&T Infrastructure Fund, with effect from 01 January 2015.
Accordingly, the revised exit load structure will be:
If redeemed within 1 year from the date of allotment or purchase applying first in First in First out basis: 2% of applicable NAV.
If redeemed after 1 year but on or before 2 years from the date of allotment or purchase applying First in First out basis: 1% of applicable NAV.
If redeemed after 2 years from the date of allotment or purchase applying First in First out basis: Nil.
Peerless Mutual Fund Announces Change In Exit Load Structure Under Two Schemes
Peerless Mutual Fund has announced change in exit load under all plans / options of Peerless Short Term Fund and Peerless Flexible Income Fund on a prospective basis, with effect from 01 January 2015.
Accordingly the revised exit load will be:
Peerless Short Term Fund:
If redeemed within 3 months from the date of allotment, the exit load will be 0.25%.
Peerless Flexible Income Fund:
If redeemed within 6 months from the date of allotment, the exit load will be 0.60%.
ICICI Prudential MF Announces Change In Exit Load Structure Under Its Schemes
ICICI Prudential Mutual Fund has announced change in exit load structure under the following schemes, with effect from 01 January 2015.
Accordingly, the revised exit load will be:
ICICI Prudential Dynamic Bond Fund: Nil.
ICICI Prudential Short Term Plan:
If units purchased or switched in from another scheme of the fund are redeemed or switched out within 3 months from the date of allotment, the exit load will be 0.50% of the applicable NAV.
If units purchased or switched in from another scheme of the fund are redeemed or switched out after 3 months from the date of allotment, the exit load will be Nil.
ICICI Prudential Long Term Plan:
If units purchased or switched in from another scheme of the fund are redeemed or switched out within 1 month from the date of allotment, the exit load will be 0.25% of the applicable NAV.
If units purchased or switched in from another scheme of the fund are redeemed or switched out after 1 month from the date of allotment, the exit load will be Nil.
ICICI Prudential Ultra Short Term Plan: Nil.
Govt Signs Loan Agreement with ADB for $75 Million and $1.8 Million Grant for Karnataka Integrated Urban Water Management Investment Program
This first tranche of the loan under the Karnataka Integrated Urban Water Management Investment Program will help expand and upgrade urban water supply and sanitation infrastructure; improve water resource planning, monitoring and service delivery; and strengthen operational and administrative capacity in the three towns of Byadagi, Davanagere and Harihar.
Shri Tarun Bajaj, Joint Secretary, Department of Economic Affairs at the Ministry of Finance, signed the agreement on behalf of Government of India, and Shri Rajeev Singh, Officer-in-Charge of ADB's India Resident Mission, signed the agreement on behalf of ADB. The project agreement was signed by Shri D. Chandrashekariah, Joint Director, Planning, Urban Development Department, Government of Karnataka on behalf of Government of Karnataka and Shri Darpan Jain, Managing Director, Karnataka Urban Infrastructure Development & Finance Corporation Limited (KUIDFC) on behalf of KUIDFC.
Speaking on the occasion, Shri Bajaj said that he is happy to note that this project will help increase water treatment capacity by 15,000 cubic meters per day; help expand and upgrade more than 1,000 kilometers of water pipelines, and increase sewage treatment capacity by 48,000 cubic meters per day, thereby promoting water efficiency and environmental protection.
Shri Rajeev Singh, Officer-in-Charge of ADB's India Resident Mission said that the project will pioneer the establishment of Urban Local Bodies Incentive Fund to assist towns in implementing reforms and mainstreaming the use of performance-based contracts in ensuring continuous water services. He said that the project will also test the application of output based approaches to support program for poor and vulnerable households.
The investment program aims to improve water resource management in urban areas in a holistic and sustainable manner. Investment support will be provided to modernize and expand urban water supply and sanitation (UWSS) while strengthening relevant institutions to enhance efficiency, productivity and sustainability in water use. Innovative instruments, such as public-private partnership (PPP) or reform oriented incentive funds will also be pursued. The Program will seek to assist more fragile environments increasingly affected by water resource degradation, often located in North Karnataka. The Program will also promote climate-resilient development, capacity-development for conducive adaptation.
Government Signs Loan Agreement with ADB for $60 Million for Jammu and Kashmir Urban Sector Development Investment Program
The third tranche loan under the Jammu and Kashmir Urban Sector Development Investment Program will supplement the urban infrastructure up-gradation program initiated under Project 1 and Project 2. About half-a-million people in Srinagar and Jammu will benefit from improved access to water supply, functional drainage systems, and better transport infrastructure
Shri Tarun Bajaj, Joint Secretary, Department of Economic Affairs at the Ministry of Finance, signed the agreement on behalf of Government of India, and Shri Rajeev Singh, Officer-in-Charge of ADB's India Resident Mission, signed the agreement on behalf of ADB. The project agreement was signed by Shri Tahseen Mustafa, Chief Executive Officer, J&K ERA on behalf of Government of Jammu & Kashmir and Ms. Shagufta Qazi, Director Finance J&K Economic Reconstruction Agency on behalf of J&K ERA.
Speaking on the occasion, Shri Bajaj said that the project will support the state in ensuing ¬increase average water supply, from 90 liter/day/capita to 135 liter/day/capita through rehabilitation and improvement of infrastructure. This would also help in substantial reduction of water logging in project areas.
Shri Rajeev Singh, Officer-in-Charge of ADB's India Resident Mission said that the capacity development programs will be run for the concerned state government departments and representatives of urban local bodies to enable them to provide better urban services and bring efficiency and accountability in their functioning.
Delhi Building Bye-Laws made user friendly; simplified, rationalized and updated
The updated and simplified Bye Laws will serve as a comprehensive singe reference ready reckoner by integrating the Building Bye Laws notified in 1983 and several changes that have been subsequently notified over the last 31 years. This will enable the residents of Delhi and the professionals in obtaining sanctions for building plans in an easy and time bound manner. Some new provisions have also been made to address emerging challenges like green construction and water conservation and management.
Some of the salient features of the simplified Bye Laws include:
1.Small residential plots of size up to 100 sq.mt have been exempted from sanction procedures. The proponents will only have to furnish the requisite information in a simplified one page format to the concerned urban body and go ahead with the construction. The validity of this submission will be three years and if required, a fresh submission may be made thereafter;
2. For plots of 100 sq.mt to 2,000 sq.mt, specific time schedules have been stipulated for according approvals by various concerned agencies;
3. For plots of more than 2,000 sq.mt, Single Window Clearence mechanism has been proposed. Under this, applications received will be scrutinized by a High Powered Committee consisting of representatives of all concerned agencies for according sanctions;
4. Competency norms of various professionals like Engineers, Architects, Town Planners etc., have been clearly stipulated addressing the vagueness in the existing provisions;
5. Clarity has been imparted in respect of the agencies like Heritage Conservation Committee, Archeological Survey of India, National Monument Authority etc., to be approached in respect of constructions in the vicinity of heritage buildings/monuments etc ;
6. Green construction norms plot size-wise have been clearly stipulated providing clarity;
7. Setting up of Grievances Redressal Committees in Urban Local Bodies for time bound resolution of disputes has been made mandatory;
8. Time frames have been stipulated for issuing development control regulations to applicants and professionals;
9. Provision of washrooms in public buildings of more than 4,000 sq.mt size has been made mandatory
10. Rain water harvesting and waste water recycling has to be provisioned;
11. Differently abled persons have to be provided easy access besides meeting their specific needs;
12. Needs of children and senior citizens have to be duly met by providing for easy access, fittings and fixtures in toilets and altering the height of the hand rails in the buildings;
13. Provisions for disaster mitigation, structural and fire safety codes have been specified; and
14. Art elements like paintings, frescos, statues etc., to be provided in public buildings for better aesthetic environment.
Simplification, rationalization and updation of Building Bye Laws notified in 1983 under the Delhi Development Act, 1957 was undertaken after extensive stakeholder consultations. A workshop was held in October this year which was attended by over 100 engineers, architects, town planners, urban experts, consumer and builder organisations etc. In response to a public notice, over 1,000 suggestions were received. All these have been examined in detail jointly by DUAC, DDA and municipal bodies before coming out with user friendly Bye Laws.
PM urges fast tracking of pro-farmer initiatives under Pradhan Mantri Krishi Sinchai Yojana
Chairing a high-level meeting involving the Ministries of Agriculture, Water Resources, Rural Development, the Prime Minister called for a multi-pronged approach to the ultimate goal of providing irrigation for every farm through the Pradhan Mantri Krishi Sinchai Yojana.
The Prime Minister noted that NREGA had been used over the past few years for creation and augmentation of irrigation assets. He said that NREGA should be integrated with the overall plan of Pradhan Mantri Krishi Sinchai Yojana. He also called for precise monitoring of outcomes in this regard.
At the macro-level, the Prime Minister asked the Ministry of Water Resources to identify river-interlinking projects that could be immediately taken up.
The Prime Minister called for comprehensive mapping and identification of water bodies across the country. He said satellite imagery and 3D photography could be used to guide villages to best possible sources of irrigation.
The Prime Minister has asked concerned departments to look into the possibility of identifying progressive farmers, who could take the lead in implementing water conservation and innovative irrigation techniques.
The Prime Minister has also called for integrating water recycling projects of key towns and cities, to irrigation in nearby rural areas. He emphasized the importance of generating consciousness among people towards water conservation.
The Union Minister for Water Resources, Uma Bharati, and the Union Minister for Agriculture, Radha Mohan Singh, were present on the occasion.
Ownership of Indian Railways to Remain with the Government: Suresh Prabhu
The Railway Minister again reiterated that Railways will not be privatized and the ownership of it will always remain with the Government. He said that we need funds to invest in various pending projects and future projects. Vigorous efforts are being made to mobilize investments in Railways Sector. Capacity augmentations is another important area which needs attention as we have to decongest highly dense traffic routes through double line, triple line or more lines, besides creating new railway connectivity. Shri Prabhu said that Railways will also have to modernize its rolling stocks, signaling system, safety operations etc. The Minister pointed out that he has already initiated the process of delegating powers to field functionaries like General Managers, Divisional Railways Managers and Station Managers but with that comes responsibilities also on the field functionaries to deliver.
Referring to the cleanliness, the Minister said that an integrated approach is required to address this important aspect of passenger amenities. He said that mechanized laundries have improved quality of linen supplied in the trains and we have to set up more such laundries to cover the entire railway network. The Minister also pointed out that sustained efforts also need to be made to improve quality of food being served at railway stations and in trains and for this, base kitchen with quality monitoring should be set up. He also called upon General Managers to complete energy audit ordered by him earlier so that we can conserve and optimize energy consumptions in Railways. Similarly, we need to do water audit for its optimum utilization. Expressing his concern for the unfortunate and tragic accidents at unmanned level crossings, Shri Prabhu said that General Managers should think of new and innovative methods to reduce such accidents and make railway operations safer. In this connection the Railway Minister informed that ISRO is helping Indian Railways using Geospatial Technologies.
Shri Prabhu also said that he has written letters to Members of Parliament requesting them to use MPLAD funds for railway works for the benefit of the passengers. He also called upon General Managers to pay due attention to the requests made by the elected representatives on behalf of public. There is a need to save precious railway land from unauthorized encroachment and at the same time take measures to recover encroached land. The Railway Minister said that he is newest member in this vast railway family and he is proud of railway personnel for their dedication, sincerity and ability to deliver. He called upon railway unions and railway administration to work together for the betterment of Indian railways and the nation.
In his address, Minister of State Shri Manoj Sinha said that it is the duty of railway administration to fulfill the expectations of railway users and we have to constantly work to improve the image of Indian Railway. Shri Sinha also emphasized on being consistent for ensuring best result. He said that we have to work as a unified railway system ensuring best coordination among all railways zones and railway divisions.
In the beginning Chairman, Railway Board, Shri Arunendra Kumar outlined the agenda of the Conference and presented action plan for the General Managers. The agenda of the meeting included; Vision for Indian Railways in the next five years with short term & long term targets, Improving productivity, Safety, Global benchmarking of Railway services for customers and Improvement in Rolling Stock.
Civil Aviation Ministry discusses draft civil aviation policy with states
P. Ashok Gajapathi Raju expressed concern that despite high growth rates, most of the airlines in the country are reported to have incurred losses and some airlines are struggling to stay afloat. He said, though there is a need for helicopter operations in India, helicopter population in the country has not improved in recent years. The number of small aircraft and seaplanes is stagnant. The Minister said that the aviation industry as such is seriously affected by high operational costs including cost of aviation turbine fuel, service tax and other charges, shortages of maintenance facilities, high foreign exchange rate, competition from foreign airlines etc. There is a high customs duty on import of private aircrafts and helicopters.
P. Ashok Gajapathi Raju stated that aviation is now acknowledged as a growth engine, which has a force multiplier effect. He said that as per global estimates, for every $100 of input, there is $325 worth of output generated while for every 100 jobs created by aviation industry, there are 610 jobs created in other industries. Highlighting close linkages between tourism and civil aviation sectors, the Minister said more than 90% of the international tourists arrive by air. He said that according to a study conducted in 2009, the aviation sector has contributed 0.5% directly and 1.5% with catalytic effects to the Indian GDP and this, when coupled with the tourism sector's contribution of 5%, works out to be a significant 6.5% of the GDP. He said acknowledging the role of civil aviation in the overall growth of economy, Government has proposed a Draft Civil Aviation Policy.
Civil Aviation Minister said that India's impressive growth in international and domestic trade over past few years has augured well for the air-cargo industry. However, he said, the current share of air-cargo compared to other modes of cargo-transportation is fairly low in India. The Minister added that the growth in the passenger and cargo traffic requires significant investments in terms of construction of new airports, expansion and modernization of existing airports, improvement in connecting infrastructure and better airspace management.
P. Ashok Gajapathi Raju underlined that the real challenge is to manage phenomenal growth of air traffic with safety. He said, the increase in air traffic has not only increased demand of aircraft but also posed a challenge to meet the airport and air navigation infrastructure to ensure safe, orderly and efficient operations.
Earlier speaking on the occasion, Minister of State for Civil Aviation, Tourism (Independent Charge) and Culture (Independent Charge) Dr. Mahesh Sharma said that the three Ministries, i.e. Civil Aviation, Tourism and Culture have to work together to realize the great potential that India has in the civil aviation sector. He emphasized on improving air connectivity to remote areas. Highlighting the role civil aviation plays in an economy like India, the Minister stated a multi-model approach is the need of the hour for the development of the sector.
ASSOCHAM moots FinMin for amending IT Act for overseas Sr. Indian citizen
The change would encourage these senior citizens to bring their overseas wealth back to India and this would also help in solving the issue of ‘Black money' and create a more conducive investment atmosphere.
In a communication to the Finance Minister, ASSOCHAM has stated that the post-independence era has shown that a sizeable population of Indian who have become Overseas Citizen of India (OCI) / Persons of Indian Origin (PIO) has contributed significantly to the overall development of the country. Recent estimates from the Ministry of Overseas Indian Affairs indicate the Indian Diaspora to be the second largest in the world, with 25 million people with a cumulative purchasing power of approximately $300 Billion.
These persons are often Indian origin entrepreneurs, who have spread their business empire worldwide or professionals who have taken important international assignments. Even if they desire to come back to settle permanently in India as Senior Citizens due to love for the mother land and near and dear ones due to the prevalent tax regime of the country.
Under Income Tax Act, 1961 if an individual stays in India for more than 182 days in a particular financial year or 60 days in the relevant tax year and 365 days or more in the preceding four financial years, the individual becomes resident of India.
The individual is considered to be not ordinarily resident (NOR) where his or stay in India during the past 7 financial years is 729 days or less or individual has been non-resident in nine out of ten financial years.( NOR conditions). However, where both these conditions are not fulfilled, individual is considered to be ordinarily resident (ROR) and taxed in India on his global income and also required to disclose his global assets.
NOR are taxed on their India sourced income like non residents and therefore, practically this window is available to the returning individual for the 2 to 3 years depending on the timing of their return. Thereafter they become ROR as they are not able to fulfill NOR conditions mentioned above. This has become a major contributor in the creation of ‘Black money', which is a menace to economic development.
Keeping in view the contribution of OCIs / PIOs in the development of the country mentioned hereinabove, ASSOCHAM has suggested that the provisions of Taxation Law should be amended so as to encourage the OCIs / PIOs to return and re¬settle in India by taxing them only on their Indian income and giving them exemption from payment of tax on income earned outside India
This is a practice in certain developed countries in Europe- where residents are taxed only in respect to the income earned in that country or on the income brought in the country. The income earned outside and not brought into the country remains outside the tax net. The rationale of such a policy is to tax on territorial jurisdiction of the country only and to bring a balance between domestic and international taxation. If an individual resident of the country intends to consume the income earned outside the territorial jurisdiction, he/she is free to do so after paying due tax thereon to the exchequer.
Radha Mohan Singh emphasises on Enhancing Agriculture Production and Productivity
Addressing on this occasion, Radha Mohan Singh mentioned the various initiatives and achievements of the Government during last seven months, to make the farmer-oriented policy aimed at lessening the distance between lab-to-land and infuse a new confidence among farmers:
· Government have taken an initiative to ensure Integrated Soil Management. During 2007-08 to April 2014, an amount of Rs.112 crore was released for Soil Testing Laboratories whereas Rs.86 crore have been released after May 2014. The Government have sanctioned Rs.568.54 crore for the next three years to provide Soil Health Card to 14.5 crore farmers. Earlier, there was no separate scheme for Soil Health Card under Mission mode.
· The Government has started National e-governance Scheme in agriculture sector with an allocation of Rs.886 crore.
· At block level, the number of agriculture extension workers has been increased by 8000. Now, their number has increased to 26,000 from 18,000.
· Technical support to farmers in agriculture sector has been a problem area. To tackle this problem, we have set up 913 Farm Machinery Banks. Farmers will be able to take equipments on hire basis from these banks.
· In addition, we have distributed 72627 farm machinery equipments during last six months. An amount of Rs.1345 crore has been sanctioned to states for machinery banks and equipments/instruments whereas during 2013-14 figure for farm mechanization was Rs.1213 crore only.
· An allocation of 50% under National Food Security Mission (NFSM) had been made for growth of pulses so as to encourage cultivation of pulses. Also, a decision has been taken to start the cultivation of pulses in the states of Jammu & Kashmir, Himachal Pradesh, Uttarakhand and the North-Eastern States including Sikkim.
· The Government have increased the subsidy amount to Rs.300/ha from Rs.100/ha to promote bio-fertilizers.
· The Government have established a special fund of Rs.500 crore as an important initiative. With the setting up of this Price Stabilization Fund, farmers will be able to get fair price of their products. We have called upon the State Governments to amend the APMC Act so that farmers may sell their fruits and vegetables direct to consumers. So far, 12 States have agreed to our suggestion. States have been requested to set up Kisan Mandis and a kisan mandi is being established in Delhi. The entire country being connected through e-marketing under Agri Tech Infrastructure Fund.
· The Government have given in-principle approval to a scheme of traditional agricultural development. The Prime Minister's Krishi Sichai Yojana is under finalization. We also have a plan to make comprehensive amendments in the Cooperative Act and make available a 24-Hour exclusive TV Channel for farmers. We have also targeted to cover at least one family out of three families under Kisan Call Centre.
· The Government have made several initiatives for development of Animal Husbandry, Dairy and Fisheries sector under the National Gokul Mission. An allocation of Rs.500 crore has been made to protect and promote the breed of Desi Cows. So far, projects of Rs.378 crore have been sanctioned and Rs.123 crore have been released during the current financial year.
· Under National Dairy Plan Phase-I from June to November 2014, 87 SP Projects has been sanctioned as compared to 41 SP Projects during the same period last year.
· During June-November, 2014, Rs.133.56 crore subsidy has been released under Dairy Entrepreneurship Development Scheme. National Livestock Mission has been made effective in the entire country.
· The Fisheries Guidelines have been simplified further. Fishing boats of 15 mtr. Size or more can enter Exclusive Economic Zone to catch fish. In case of death of fishermen, insurance amount has been increased from Rs.1.00 lakh to Rs.2.00 lakhs. Sanction for housing for 830 fishermen under Fishermen Welfare Scheme has been issued. Government will adopt latest technologies to promote Blue Revolution in the country.
· Under Mission Blue Revolution and RKVY, Government plans to establish new breeding centres cages, manufacturing of marine cages and cold water fishing with a provision of Rs.157 crore.
· We aim to increase milk production to 150 million tonnes by 2016-17 and also organized dairy market will be extended.
During the conference, Sh. Radha Mohan Singh mentioned that there will be definite results of all these initiatives taken by the Government in the time to come and there will be growth in agricultural sector and welfare of farmers will be promoted. He hoped that agriculture's contribution in GDP will touch newer heights with these initiatives.
FPIs in selling mode
Foreign portfolio investors (FPIs) sold shares worth a net Rs 218.16 crore on Monday, 29 December 2014, compared with inflow of Rs 419.15 crore on Friday, 26 December 2014.
The net outflow of Rs 218.16 crore on 29 December 2014 was a result of gross purchases of Rs 1419.07 crore and gross sales of Rs 1637.23 crore. There was a net outflow of Rs 162.74 crore from the secondary equity market on 29 December 2014, which was a result of gross purchases of Rs 1419 crore and gross sales of Rs 1581.74 crore. The S&P BSE Sensex had advanced 153.95 points or 0.57% to settle at 27,395.73 on that day, its highest closing level since 23 December 2014.
There was a net outflow of Rs 55.42 crore from the category 'primary market & others' on 29 December 2014, which was a result of gross purchases of Rs 0.07 crore and gross sales of Rs 55.49 crore.
FPIs have bought shares worth a net Rs 754.54 crore in this month so far (till 29 December 2014). They have sold shares worth a net Rs 1987.79 crore from the secondary markets in this month so far (till 29 December 2014). FPIs bought shares worth a net Rs 13753.29 crore last month. They had bought shares worth a net Rs 12677.10 crore from the secondary markets last month.
FPIs have bought shares worth a net Rs 96774.10 crore in this calendar year so far (till 29 December 2014). They have bought shares worth a net Rs 84160.20 crore from the secondary equity market in this year so far (till 29 December 2014).
Dull day for precious metals
Bullion prices ended lower at Comex on Monday, 29 December 2014 at Comex. Gold prices pulled back on Monday after some wide swings during Christmas week. Gold prices ended last Friday on a big uptick but still finished down a bit for the holiday-shortened week due to heavy losses in the prior sessions.
Gold for February delivery fell $13.40, or 1.1%, to settle at $1,181.90 an ounce on the New York Mercantile Exchange.
Silver for March delivery also fell, slipping nearly 37 cents, or 2.3%, to settle at $15.78 an ounce.
Gold futures ended lower on Monday, tracking rising equity markets with the dollar trending higher against a select band of currencies. There was little or no significant economic releases for cues, with investors upbeat over an improving US economy. Nevertheless, trading volumes are expected to remain thin during the week, ahead of the New Year.
After some strong data recently, including a report showing US gross domestic product to have grown much more than expected in the third quarter, the prospects of a rate hike next year seem to get more definite with the greenback continuing to gain consistently against most major currencies. A higher interest rate supports the dollar and is a drag on gold.
Among data due this week are the consumer confidence index for December from the Conference Board, the weekly jobless claims, the National Association of Realtors' pending home sales index for November and the results of the Institute for Supply Management's national and MNI Indicators' regional manufacturing surveys.
The S&P Case-Shiller house price index for October, Markit's final US manufacturing index for December and the Commerce Department's construction spending data for November will also be out during the course of the week.
Crude settles at lowest levels in five and half years
Crude prices ended lower at Nymex on Monday, 29 December 2014 at Nymex. Crude-oil futures have now plunged 50% from their 2014 high, as prices swung lower again on Monday. Prices slipped once again on Monday following a higher dollar. The pace of the slide, to the lowest settlement in nearly six years, is the fastest in about 8 years.
On the New York Mercantile Exchange, light, sweet crude futures for delivery in February fell $1.12, or 2%, to settle at $53.61 a barrel, after an early rally on reports of a fire affecting oil-storage terminals in Libya collapsed. That's the lowest settlement since May, 2009.
Earlier, the February contract traded as high as $55.74, or 1.8% higher than Friday's settlement. Nymex crude lost 4.2% last week, marking a fifth consecutive week of declines.
Overall, oil prices have now plunged 50% from their 2014 settlement high, set on June 20.
There was little or no significant economic releases for cues, with investors upbeat over an improving US economy. Nevertheless, trading volumes are expected to remain thin during the week, ahead of the New Year.
After some strong data recently, including a report showing US gross domestic product to have grown much more than expected in the third quarter, the prospects of a rate hike next year seem to get more definite with the greenback continuing to gain consistently against most major currencies. A higher interest rate supports the dollar and is a drag on gold.
Among data due this week are the consumer confidence index for December from the Conference Board, the weekly jobless claims, the National Association of Realtors' pending home sales index for November and the results of the Institute for Supply Management's national and MNI Indicators' regional manufacturing surveys.
The S&P Case-Shiller house price index for October, Markit's final US manufacturing index for December and the Commerce Department's construction spending data for November will also be out during the course of the week.
Among other energy products, gasoline futures swung to a loss. Nymex reformulated gasoline blendstock for January fell 5.5 cents, or 3.7%, to settle at $1.45 a gallon.
Rupee bounces back
Ministry for Development of North East Region Released About Rs.472 Crore Under Nlcpr
The Non-Lapsable Central Pool of Resources (NLCPR) Schemes both State and Central were reviewed with each state separately in the last week of July and August 2014.
To make the NLCPR schemes more responsive and transparent, guidelines are in the process of modifications to incorporate suggestions given by the states in the conference.
In order to overcome the delay in completion of projects and early release of funds, selection, sanction and approval of the new projects are being streamlined in such a way that working season of the states from October – April is fully utilised for implementation.
An amount of Rs 400 crore has been released in NLCPR State and Rs 71.97 crore released under NLCPR Central in the last six months.
Process has been initiated to appoint a Construction Supervision consultant and regular monitoring by staff.
Action has been initiated for online preparation, submission of DPRs, along with e-mail alerts at various stages of implementation.
The Minister DoNER convened a meeting of all the Members Parliament from North East seeking inputs and support for development of NER.
Asia Pacific Market - Mixed trade globally today
In the meanwhile, Indian key benchmark indices eked out tiny gains in a volatile trading session. Indices swung between in positive and negative zone throughout the day. The S&P BSE Sensex and the CNX Nifty, both, hit their highest closing levels in a week. The S&P BSE Sensex rose 7.81 points or 0.03% to settle at 27,403.54. The market breadth indicating the overall health of the market was positive. Oil exploration stocks declined as lower crude oil prices would result in lower realizations from crude sales for oil exploration firms. Index heavyweight Reliance Industries declined in volatile trade. Sesa Sterlite declined on profit booking after recent rally. Capital goods stocks edged higher on renewed buying.
The foreign portfolio investors (FPIs) sold shares worth a net Rs 204.22 crore yesterday, 29 December 2014, as per provisional data.
European stocks declined today, after the release of disappointing inflation data from Spain and amid growing concerns over political tensions in Greece. Asian stocks edged lower today, as a sharp selloff in commodities and political uncertainty in Greece made investors less willing to take risks in the final trading days of 2014.
Key benchmark indices in China, Hong Kong, Taiwan, Singapore, Japan, and South Korea fell by 0.05% to 1.57%. Indonesia's Jakarta Composite index rose 0.94%.
The HSBC Holdings Plc/Markit Economics China manufacturing purchasing managers' index for the month of December 2014 will be declared tomorrow, 31 December 2014, followed by the official factory PMI on Thursday, 1 January 2015.
Japanese markets will be shut from tomorrow, 31 December 2014 to Friday, 2 January 2015 and will reopen on Monday, 5 January 2015.
Monday, December 29, 2014
SEBI may allow MFs to invest unclaimed money in liquid funds
Today, most investors opt to receive their dividend or redemption proceeds directly in their bank accounts through electronic clearing service (ECS).
Source: Team CafeMutual
IRDA proposes to tighten norms for selling insurance policies
IRDA penalizes Max Life, Canara HSBC OBC
SEBI to form digitalization committee for MFs
Blog Archive
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2014
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December
(236)
- IRDA proposes insurance awareness policy
- MF Utility gets green signal from SEBI
- IRDA to have separate regulations for health insur...
- Canara Robeco Emerging Equities Announces Change I...
- L&T MF Announces Change In Exit Load Structure Und...
- Peerless Mutual Fund Announces Change In Exit Load...
- ICICI Prudential MF Announces Change In Exit Load ...
- Govt Signs Loan Agreement with ADB for $75 Million...
- Government Signs Loan Agreement with ADB for $60 M...
- Delhi Building Bye-Laws made user friendly; simpli...
- PM urges fast tracking of pro-farmer initiatives u...
- Ownership of Indian Railways to Remain with the Go...
- Civil Aviation Ministry discusses draft civil avia...
- ASSOCHAM moots FinMin for amending IT Act for over...
- Radha Mohan Singh emphasises on Enhancing Agricult...
- FPIs in selling mode
- Dull day for precious metals
- Crude settles at lowest levels in five and half years
- Rupee bounces back
- Ministry for Development of North East Region Rele...
- Asia Pacific Market - Mixed trade globally today
- SEBI may allow MFs to invest unclaimed money in li...
- IRDA proposes to tighten norms for selling insuran...
- IRDA penalizes Max Life, Canara HSBC OBC
- SEBI to form digitalization committee for MFs
- Kotak MF Announces Change In Features of Kotak Flo...
- Axis Hybrid Fund Series 18 Floats On
- UTI Fixed Term Income Fund-Series XVII-V (366 Days...
- Mutual funds in buying mode
- Storage of 85 important reservoirs stands at 92.98...
- Government to take more steps to Facilitate ‘Make ...
- PM begins intensive consultations on Smart City in...
- Government to set up Saffron Production & Export D...
- Banks Opened 9.83 Crore Accounts under PMJDY and 7...
- RBI Financial Stability Report: Macroeconomic vuln...
- Cabinet approves infusion of Rs 60 crore in IFCI t...
- Cabinet approves proposals of Airports Authority o...
- Cabinet approves regularization of all unauthorize...
- Amendments made in the Right to Fair Compensation ...
- Air passenger traffic shows solid growth: Civil Av...
- Government has set a target to achieve one percent...
- FPIs in buying mode
- Bond yield eases by 05 bps
- E-commerce to fire consumer aspiration higher in 2...
- Asia Pacific Market: Stocks up on positive Wall St...
- The future of retirement days in India
- PAHAL- Direct Benefit Transfer for LPG Consumers l...
- World Bank Approves $75 Million Project in Telanga...
- FM: Immediate Challenges Before the Govt is to Inc...
- Crude steel production grew at 7% annually (CAGR) ...
- SBI MF Announces Dividend Under Two Schemes
- Franklin Templeton MF Announces Dividend Under Two...
- Kotak MF Announces Change In Exit Load Structure U...
- SBI Mutual Fund Announce Dividend Under Its Schemes
- Birla Sun Life Emerging Leaders Fund – Series 5 Ex...
- Birla Sun Life India Reforms Fund Announces Change...
- DSP BlackRock FMP – Series 130 – 12M Announces Div...
- DSP BlackRock FTP – Series 4 – 36M Announces Dividend
- IDFC MF Announces Dividend Under Its Schemes
- Kotak Tax Saver Scheme Announces Dividend
- Kotak Bond Short Term Plan Announces Dividend
- Tata Fixed Income Portfolio Fund – Scheme B3 Annou...
- Tata Mutual Fund Announces Extension of Maturity U...
- HDFC Fixed Maturity Plan 1115D January 2015 (1) Fl...
- HDFC FMP 372D December 2013 (1) Announces Dividend
- Canara Robeco MF Announces Dividend Under Its Schemes
- UTI Fixed Term Income Fund – Series XXI – I (1100 ...
- UTI -Dual Advantage Fixed Term Fund – Series I-I (...
- Birla Sun Life MF Announces Dividend Under Two Sch...
- Religare Invesco Tax Plan Announces Dividend
- Motilal Oswal MOSt Focused Long Term Fund Floats On
- Reliance Fixed Horizon Fund – XXVIII – Series 2 Fl...
- Axis Income Fund Announces Change In exit Load Str...
- HDFC MF Announces Rollover of HDFC FMP 371D Januar...
- Edelweiss Arbitrage Fund Announces Dividend
- Asia Pacific Market: Stocks up in quiet trading
- Expansion of 5 kg LPG cylinder scheme in Delhi
- Rupee settles lower
- MTNL Launches New Schemes on Good Governance Day
- Rabi crops sowing moves to 530.22 lakh hectares as...
- CII Welcomes Cabinet Approval of 100 % FDI for Med...
- World Bank Approves $75 Million Project in Andhra ...
- India's Forex Reserves jumps US$ 3.16 billion in t...
- BRICS Bank should grant loans based on projects' c...
- RBI revises non-cooperative borrower definition
- GAIL, RCF, CIL and FCIL sign JVAs to revive fertil...
- PM to meet bankers on 2 January
- EPF Funds & Reduced Interest Rates Will Transform ...
- Rural Development Ministry to introduce Mobile Mon...
- 100% FDI allowed in manufacturing of medical devices
- Coal Ministry to commence first batch of E-Auction...
- Designer kids wear market to hit Rs 95000 crore by...
- Transfer/exchange of AAI / IAF land to the Governm...
- Ind-Ra: Draft Approach Paper on Coal Auction to Ev...
- Govt. sets target of doubling electricity generati...
- FPIs continue selling
- Bullions witness mixed trade
- Crude witnesses good gains
- Rupee slips
- Bond yield rises by 04 bps
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December
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