Government to launch portal for online approval of cargo movement

Path - breaking initiative to mark a new era for heavy transport in India 

Union Minister for Road Transport & Highways and Shipping, Nitin Gadkari will launch a web portal for online approval of movement of Over Dimensional (OD) and Over Weight Cargo (OWC) on 06 January. It will be a path - breaking initiative to mark a new era for heavy transport in India by ensuring digitalization in the sector. 

The launch will be accompanied by a day-long seminar on "Heavy Transport in India: 

Entering a New Era Through Digitalization". The event will see 200-250 major stakeholders like heavy equipment manufacturers, project owners, Engineering, Procurement and Construction (EPC) companies along with various research and academic institutions from across the country come together and discuss and lay the roadmap for future plans in the transport and road infrastructure development sector. 

The new Government at the centre has been working towards undertaking landmark initiatives to digitalize India and this initiative will be in line with the government's "Make in India and Digital India" vision. It will offer an opportunity to save time and avoid transit delays in movement of equipment of national importance by Modular Hydraulic Axle Trailers.

Ministry of Shipping: Sailing to New Possibilities

Several new initiatives were taken by the Ministry of Shipping during the year 2014 including the launching of India – Myanmar Shipping Service, formulation of Sagarmala Project, delegation of power for registration of fishing boats to states, issuing one time general trade licence for Indian ships and simplification of procedures to determine light dues for container ships. The highlights of the achievements are as follows: 

India-Myanmar Service (IMS) launched: Shipping service has been started between India (Chennai) and Myanmar (Yangon) in October, 2014. This service will boost the bilateral trade relations between the two countries by providing immense opportunities for manufacturers, Importers and Exporters in these countries. 

Special Economic Zone (SEZ) at Jawaharlal Nehru Port Trust (JNPT): Foundation stone has been laid for SEZ in JNPT. The project would cost in phase-l Rs. 4000 crore. Project planning and execution has commenced. The project has the potential of generating over 1.5 Lakh direct and indirect jobs. This will develop free trade warehousing zones, engineering goods sector, textile and other sectors. 

Sagarmala Project formulated: Sagarmala project has been formulated to promote port led development of hinterland along with integrated development of port connectivity through Road, Rail, Inland Waterways and Coastal Shipping. The project envisages developing India's ports to levels comparable with the best ports across the globe in terms of infrastructure, efficiency and quality of service. 

Registration power delegated to States: The government has taken a decision to delegate the powers of registration, survey and certification of Indian fishing boats, irrespective of their size or length, to states and union territories. India fishing boats can now be registered at the ports or places in India as specified in the gazette notification. 

Merchant Shipping Act, 1958 amended: Merchant Shipping Act, 1958 has been amended recently to guarantee rights of Seafarers (Maritime Labour Convention) and to protect Marine Environment (Anti Fouling Convention). 

One time general trade licence for Indian ships: Ministry of Shipping has decided to issue life time licenses to Indian ships and any other ship charted by an Indian citizen or an Indian company instead of renewing such licenses every year. These licenses will now be issued with a life time fee. This will help the sea going Indian vessels as well as other vessels engaged in coastal trading as the process is decentralised and liberalised. 

Simplification of procedures to determine light dues for container ships: The Ministry of Shipping has adopted a new mechanism for collection of light dues for container ships. It has now simplified the process of collection of light dues for container vessels by adopting the unit of collection on TEU (Twenty feet Equivalent Unit) basis instead of net tonnage in respect of container ships. Further, SBI has now been accredited to collect the light dues through online banking. This will facilitate faster clearance of ships and reduce detention time of vessels for payment of light dues. 

Integrated National Waters Transportation Grid: An Integrated National Water Transportation Grid is proposed to be set up to develop 4503 km of National Waterways and establish effective connectivity of river terminals with road, rail and ports. An estimated 159 million tonnes of cargo will be diverted to Inland Waterways from road and rail with the completion of the project. 

Other major initiatives undertaken by the Ministry of Shipping include: 

· Trans loading Zone notified at Konica sands to overcome draft restrictions at Kolkata Port. 

· Outer Harbour Project at VOC Port, Tuticorin announced; to be established at an initial cost of Rs. 11,650 crores. 

· Feasibility studies in progress to set up dry ports at Wardha, Jalna and Belgaum. 

· New SPV to be formed; will focus on last mile Rail connectivity to ports. 

· New scheme to incentivize and promote modal shift of cargo from roads/rail to coastal route. 

· Green channel clearance system for coastal cargo in major ports. 

· Customs & Excise duties exempted on bunker fuels used by Indian Flag vessels transporting EXlM and empty containers to promote trans-shipment hubs in India. 

· Indian Shipping Company allowed to flag ships abroad. 

· E-payment of fees for all ship licensing services has been operationalised, with paperless transactions. 

· Procedures for grant of permission for India-Bangladesh protocol vessels electronically enabled. 

· 15 projects of existing Ports awarded against the target of 26 (58% achievement); remaining projects to be awarded by March, 2015. 

· 16 projects at Ports completed as against annual target of 19 (84% achievement); rest to be completed by March, 2015.

Road Map Revised for Implementation of Indian Accounting Standards for Companies Other Than Banking Companies, Insurance Companies and NBFCs

Notification to Follow Soon In pursuance of the Budget statement, the Ministry of Corporate Affairs, Government of India after wide consultations with various stakeholders and regulators, has drawn-up a revised Road Map for companies other than Banking Companies, Insurance Companies and Non- Banking Finance Companies (NBFC's) for implementation of Indian Accounting Standards (Ind AS) converged with the International Financial Reporting Standards (IFRS). 

The Indian Accounting Standards (Ind AS) shall be applicable to the companies as follows: 

(i) On voluntary basis for financial statements for accounting periods beginning on or after April 1, 2015, with the comparatives for the periods ending 31st March, 2015 or thereafter; 

(ii) On mandatory basis for the accounting periods beginning on or after April 1, 2016, with comparatives for the periods ending 31st March, 2016, or thereafter, for the companies specified below: 

(a) Companies whose equity and/or debt securities are listed or are in the process of listing on any stock exchange in India or outside India and having net worth of Rs. 500 Crore or more. 

(b) Companies other than those covered in (ii) (a) above, having net worth of Rs. 500 Crore or more. 

(c) Holding, subsidiary, joint venture or associate companies of companies covered under (ii) (a) and (ii) (b) above. 

(iii) On mandatory basis for the accounting periods beginning on or after April 1, 2017, with comparatives for the periods ending 31st March, 2017, or thereafter, for the companies specified below: 

(a) Companies whose equity and/or debt securities are listed or are in the process of being listed on any stock exchange in India or outside India and having net worth of less than rupees 500 Crore. 

(b) Companies other than those covered in paragraph (ii) and paragraph (iii)(a) above that is unlisted companies having net worth of rupees 250 crore or more but less than rupees 500 Crore. 

(c) Holding, subsidiary, joint venture or associate companies of companies covered under paragraph (iii) (a) and (iii) (b) above. 

However, Companies whose securities are listed or in the process of listing on SME exchanges shall not be required to apply Ind AS. Such companies shall continue to comply with the existing Accounting Standards unless they choose otherwise. 

(iv) Once a company opts to follow the Indian Accounting Standards (Ind AS), it shall be required to follow the Ind AS for all the subsequent financial statements. 

(v) Companies not covered by the above roadmap shall continue to apply existing Accounting Standards prescribed in Annexure to the Companies (Accounting Standards) Rules, 2006. 

A notification on the above lines shall be issued shortly. 

Global manufacturing growth cools further at year end- J.P.Morgan Global Manufacturing PMI

The growth rate of the global manufacturing sector continued to moderate at the end of 2014, with production and new orders both rising at the slowest pace in almost one-and-a-half years. 

At 51.6 in December, down from 51.8 in November, the J.P.Morgan Global Manufacturing PMI – a composite index produced by JPMorgan and Markit in association with ISM and IFPSM – posted its lowest level since August 2013. 

Global manufacturing production rose for the twenty sixth successive month in December. North America remained the prime driver of the expansion, as growth stayed relatively muted in both the Eurozone and Asia. 

There were also signs of further slowing in North America, however, as rates of output expansion eased in both the US (11-month low) and Canada (three-month low). The trend held up better in Mexico, with growth accelerating to a two-year high. Among the Asian manufacturing economies, Indonesia and South Korea all reported contractions of production, while China stagnated. India continued to perform strongly, with growth hitting a two-year peak, and a modest expansion was also seen in Japan (according to flash PMI data). 

Eurozone manufacturing production rose only marginally and at the weakest pace during the current one-and-a-half year sequence of expansion. Solid growth in Ireland, Spain and the Netherlands, alongside mild expansions in Germany, Austria and Greece were partly offset by accelerated rates of contraction in France and Italy. 

Elsewhere, growth slowed in the UK and Turkey, Russia stagnated and Brazil contracted.
Global manufacturing employment rose at a steady pace in December. Job creation was seen in the US, the Eurozone, Japan, the UK, Canada, Mexico, South Korea, Brazil, Poland, the Czech Republic, and Turkey. 

Price pressures remained muted in December. Average input costs rose at the slowest pace in eight months, while output charges fell for the second time in the past three months. Meanwhile, stocks of purchases and finished goods both fell moderately.

New Year Financial Resolutions

Dear Investor,

Each and every one among us wish to welcome every new year with happiness & joy in our hearts.

But, it is necessary that we also work hard to improve our financial health & come closer to achieve our ambitions, dreams & aspirations.

Fix Your Goal Appointment With Us... Financial Planning can enable you to make your dreams a reality.

We at Master Mind Financial Advisory, have listed few resolutions which all of you must adopt to achieve financial success. And the same must be forwarded to your nears & dears, as its in best interest for each and every one of us.

1. I will be well prepared for emergencies: Some emergency situations such as loss of job, medical emergencies and so on can lead you to break your investments. Hence, it is imperative to maintain some contingency reserves (minimum 6 to 12 months of your expenses) in a savings bank account or liquid fund or fixed deposit or recurring deposit. These contingency reserves should never be used for meeting any unimportant expenses or bills and should be reserved only for unforeseen circumstances.

2. I will make a list of all my financial goals: Metaphorically speaking, unless you know where you are headed, you won’t get there. Hence, it is important to make a list of all the goals that you wish to achieve. Also, involve your family while undertaking this activity as their inputs and support will be extremely imperative in setting and achieving your goals. Please remember, simply listing down your financial goals is not enough. You need to determine how much money you would require in today's term to fulfill your goal; and what is your time horizon for achieving them. Thereafter, calculate the future value of your financial goals, after taking into account a realistic inflation rate. In short, make sure that your goals are -

S.M.A.R.T

Specific, Measurable, Adjustable, Realistic, Time Bound. 

3. I will chalk out a suitable asset allocation pattern: Once you know the amount of corpus you would need to achieve your goals, you must chalk out a suitable asset allocation pattern. Asset allocation refers to distributing your investible surplus across asset classes such as equity, debt, gold, real estate in a pre-defined proportion. This is important as it may help you earn adequate returns, minimize your risk and taxes, have sufficient liquidity in your portfolio and also help your investments align as per the time horizon of your financial goals. Once, your asset allocation pattern has been determined, you must calculate the amount that you need to save and invest per month to achieve your financial goals (taking into account a realistic rate of return on different asset classes). Also, keep reviewing your asset allocation pattern from time to time to make sure that you achieve your financial goals in time.

4. I will review my existing investments: Before making any fresh investments to achieve your objectives, you must review your existing investments to analyze if they are well suited to your risk appetite and financial goals. This will also help you understand the amount that you need to invest further for the fulfillment of your financial objectives. Remember that, making ad-hoc investments or keeping unsuitable products in your portfolio can harm your and your family’s long term financial well-being.

5. I will take informed investment decisions: You must make sure that you never invest in any investment product randomly on the basis of incomplete information or just because everybody else is investing in it. Remember that, every individual has a different risk taking ability and different time horizon for investments. Moreover, Master Mind Financial Advisory is of the view that a research oriented unbiased approach should be adopted every time you make any investment.

6. I will adhere to my expense budget and keep my debts in check: You must create a budget for all your personal and household expenses and make sure everyone in the family sticks to it. This is extremely important if you wish to fulfill your dreams and wishes in life. It is also necessary to keep your debts in check. Remember that using credit cards or opting for loans is not bad as long as you have the means to service it. If your habit of spending extravagantly lands you in a debt trap, then it would be extremely difficult to meet your financial goals and keep your financial health in pink. 

7. I will protect the future of my family: If you are the only earning member in your family, then the financial future of your family is dependent on you. Hence, it is extremely important that you analyse whether you have a suitable insurance policy and have adequate insurance cover that can take care of the needs of your family in your absence. If not, then it may be a high time for you to cover yourself adequately with a Term insurance policy. At Master Mind Financial Advisory, we believe Term insurance policy is the best option for safeguarding your family's financial future and thus you should never mix your investment and insurance needs. It is also important that you and all the members of your family are covered with a suitable personal accident insurance policy, health insurance policy as medical expenses can burn a huge hole in your savings. 

8. I will take the help of a financial planning expert if I need to: If you can determine a suitable asset allocation pattern, review your existing investments, decide on where and how much to invest, take an adequate life, personal accident insurance policy and health insurance policy etc. all by yourself, then you don’t need the help of a financial planning expert. However, if there are any of these things that you can’t do yourself, then you definitely and immediately require the services of an unbiased & qualified financial planner or advisor.

Remember, that it won’t do you any good to be 'penny wise & pound foolish'. In other words, don’t let the fees charged by the planner or advisor deter you from availing his or her services.

Under the guidance of ours at Master Mind Financial Advisory we are of the view that if you sincerely adopt the above mentioned resolutions, then your dream of living a stress-free financial life can easily become a reality.

If you have any queries on financial planning or investment planning or insurance planning or tax planning etc. you can feel free to write us on vaid.varun@yahoo.co.in & we will be happy to guide you through our endeavors in the ensuing you until then, HAPPY INVESTING!
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"Financial planning is of utmost priority & inevitable to delay. Wake up and do the needful, not regretful." - Varun Vaid
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Disclaimer: The views mentioned above are of the author only. Data and charts, if used, in the article may have been outsourced from available information and has not been authenticated by any statutory authority. The author do not claim it to be accurate nor accept any responsibility for the same. Please read the detailed disclaimer on the website of our's www.vaidvarun.blogspot.in
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Do share your prestigious thoughts with us, keep referring us like always to your nears & dears.

Do keep forwarding these insights, as it is the sole best way to impart your link-ups financial well being importance.
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"Let's Make Future Bright, Safe & Secure."

Warm Regards,

Varun Vaid

+91-9814612907
+91-0172-4623907

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