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Nifty 50 may once again surge higher to hit fresh all-time highs in the September Futures Options series, while Bank Nifty is expected to rally if it breaches 35,500 levels. In the August FO series, Nifty touched a fresh all-time high, gaining 5.44%, the highest series to series gain recorded since February 2021. The 50-stock benchmark hit a high of 16,712 and closed within touching distance of the same. On the other hand, Bank Nifty closed at 35,617. Nifty August rollover is higher than its three-month average while Bank Nifty rollovers are lower than the three-month average. Rollover data for September series 15% on Thursday as compared to 92.05% on the same day of the previous expiry. Bank Nifty August rollover stands at 79.08% on Thursday compared to 81.26% on the same day of the previous expiry, Lower-than-average rollover suggests uncertainty, while higher rollovers than the three-month average signal positive sentiment in the market. For Bank Nifty August rollover, standing at 79.08% is lower than its three-month average of 81.97% and lower than its six-month average of 79.41%. Meanwhile, Nifty August rollover is higher than its three-month average of 81.55% and higher than its six-month average of 78.48% as of today. The weekly options data for Nifty indicated that no major correction is seen for the benchmark index. 6 million shares at 16,600 levels. This shows that market participants do not expect any major corrective downside, However, he added that room for any up-move is yet to be created as 16,700 holds maximum Call OI. Among fundamental reasons, Navneet Daga, Lead Derivative Analyst, Yes Securities said that the global backdrop of Federal Reserve He expects bouts of profit booking with the return of profitability. Will Bank Nifty regain 36,000? The Banking index breached 36,000 during the August series but could not hold above it. 6 % OI change) with max pain at 35500, So, in a way, 35,500 has become an inflection point for the Bank Nifty in the immediate near term. We will see a meaningful up move if Bank Nifty moves past 35,500 levels and sustains above that point, (The stock recommendations in this story are by the respective research and brokerage firms. Financial Express Online does not bear any responsibility for their investment advice. Please consult your investment advisor before investing.)
State-owned Oil and Natural Gas Corp (ONGC) has pumped first gas from its deep-water U1B well in Krishna Godavari block KG-D5 in the Bay of Bengal. The well, in KG-DWN 98\/2 Blocks Cluster-2, has an estimated peak production of 1.2 million cubic meters per day of gas, the company said in a statement. Secretary, Ministry of Petroleum and Natural Gas, Tarun Kapoor flagged off maiden production from the deep-water gas well U1B on August 31, it said. ONGCs KG-DWN-98\/2 or KG-D5 block, which sits next to Reliance Industries KG-D6 block in the KG basin, has a number of discoveries that have been clubbed into clusters. The discoveries in the block are divided into three clusters- Cluster-1, 2 and 3. Cluster 2 is being put to production first. The Cluster 2 field is divided into two blocks namely 2A and 2B, which are expected to produce 23.52 million metric tonne of oil and 50.70 billion cubic meters (bcm) of gas. Oil production is likely to start shortly. The firm is investing USD 5.07 billion in developing the oil and gas discoveries in the block. It will cumulatively produce around 25 million tonne of oil and 45 billion cubic meters of gas with a peak production of 78,000 barrels per day of oil and 15 million standard cubic meters per day. U1B is the deepest well of the Cluster. Dedicating the gas well to the nation, Kapoor congratulated Team ONGC led by its chairman Subhash Kumar. He said the extensive experience of ONGC in exploration and production (EP) brings confidence in the successful operation of the deepwater gas well. Stating that there is a lot of production potential in deep-water, he said this monetisation holds special national significance as the first priority of the government is to ensure enhancement of domestic production and reduction of oil and gas imports. We look forward to production enhancement, especially from ONGC, he said expressing hope for monetisation of many more such wells in the near future. The KG-DWN 98\/2 block is situated offshore the Godavari river delta in the Bay of Bengal. It is located 35-km off the coast of Andhra Pradesh in water depths ranging from 300-3,200 meters. Cluster 2A is estimated to contain reserves of 94.26 million tonne of crude oil and 21.75 bcm of associated gas, while Cluster 2B is estimated to host 51.98 bcm of gas reserves. Cluster 2A is anticipated to produce 77,305 barrels of oil per day (bopd) and associated gas at a rate of 3.81 million metric standard cubic meters per day (mmscmd) over 15 years. Cluster 2B is expected to produce free gas of 12.75 mmscmd from eight wells and has a 16-year life.
HP has launched the Spectre x360 14 convertible (2-in-1) laptop, powered by 11th Gen Intel Core processors, in India. The laptop has integrated Intel Iris Xe graphics and features a 360-degree hinge, which allows it to be used in the tablet mode, tent mode, flat lay, and any other way depending on the users preference. HP has claimed the Spectre x360 14 laptop, which comes with Thunderbolt 4 support, offers battery life up to 17 hours. As for colour options, the laptop will be available in Poseidon Blue with accents of Pale Brass and Nightfall Black with Copper Luxe accents. HP has priced the new Spectre x360 14 at Rs 1,19,999 in India. It will be available via HPs online store, HP World stores, Amazon, and other large retail stores. The HP Spectre x360 14 laptop, as the name suggests, has a 14-inch display with an aspect ratio of 3:2. It has a screen-to-body ratio of 90.33 per cent, and comes with an adaptive battery optimiser. The laptop features an optional OLED display with Eyesafe protection, minimising the strain caused by blue light. The 11th-Gen Intel Core processor, paired with Intel Iris Xe graphics, powers the laptop. HP has claimed the laptop has a battery life of up to 17 hours. As for connectivity options, the laptop supports Wi-Fi 6 and Bluetooth 5.0. The laptop also features a camera shutter button, a mute mic, a fingerprint reader, and HP Command Center and weighs just 1.36 kg. HP achieved the Spectre x360 14s gem-cut, dual chamfer angular design with aluminium CNC machining. The laptop supports HP SureView Reflect Privacy Screen for double privacy and keeps private content away from prying eyes. The company has said the keyboard scissors have been made from natural and renewable material such as agricultural waste (beet pulp, typical straw, and household waste). One keyboard utilises 14.46 grams renewable, organic feedstock, saving around 1,200 kg on CO2 emissions in the process.
By Amit Cowshish, Whatever be the origins of the game, it seems to have influenced the authors of the defence procurement procedure. In both cases, the rules of the game must be strictly abided by and there is no getting away from its vicissitudes. With some luck in rolling of the dice you could reach the destination very fast, climbing one or more ladders along the way, or conversely, a bad run with the dice could push you straight into the snake There is a major difference, though. In the defence procurement process, there are fewer ladders and a far greater number of snakes. No wonder then that many procurement proposals remain in play for decades several years after these are initiated and, in some cases, ultimately forsaken without so much as a requiem. In a broad sense, the procurement proposals stem from the Integrated Capability Development Plan of the services which envisages the entire range of capabilities required to discharge the multifarious operational responsibilities cast upon them. Acquisition of these capabilities may entail procurement of new equipment or platforms, or upgradation of the existing inventory. Having identified the operational requirement, the procurement process is initiated by the services by issuing Request for Information (RfI) to the prospective suppliers to obtain all manner of information needed to formulate a composite procurement proposal. The focus of the RfI, of course, is on soliciting information required for formulating the qualitative (QRs), or specifications, of the equipment that meets the operational requirement, and estimating the cost of procurement. It is a task that is seldom carried out to perfection, which is why in several cases, the services have to go back to the drawing board and reformulate the QRs. Once the procurement proposal is ready, it is put in the pipeline for obtaining the Acceptance of Necessity (AoN) The AoN is accorded by the Services Procurement Board (SPB), Defence Procurement Board (DPB), or the Defence Acquisition Council (DAC), depending on the estimated procurement cost. The SPB is headed by the Chief of Integrated Defence Staff to the Chairman, Chiefs of Staff Committee (CISC), DPB by the Defence Secretary, and DAC by the Defence Minister, but all these committees have high ranking military and civilian officers as members. The Chief of defence Staff and all service chiefs are members of the DAC. Contrary to the popular perception this ensures that no decision is taken without inputs from, if not the consent of, the services. The tender, or the Request for Proposal (RfP), requires the prospective bidders to submit technical and commercial bids, as well as the offset offer wherever it is applicable. The technical offers received in response to the RfP are evaluated by a Technical Evaluation Committee (TEC) and the bidders, whose technical offers are found to be compliant with the requirements given in the RfP, are asked to produce their equipment for field trials. In some cases, a Technical Oversight Committee is also constituted to make sure that there was no impropriety in the technical evaluation process. Meanwhile, the technical part of the offset offer is also examined by a Technical Offset Evaluation Committee (TOEC), but this does not come in the way of conduct of field trials. The results of field evaluation trials (FET), conducted as per the trial methodology specified in the RfP, are subjected to Staff Evaluation at the Service Headquarters concerned. It is at this stage that the commercial bids -submitted along with the technical bid in response to the RfP- of all those bidders whose equipment is found to be fully compliant with the requirements mentioned in the RfP are opened. The lowest bidder (L1) is then invited by the Contract Negotiation Committee (CNC), but only after a benchmark price has been internally fixed. The reasonableness of the lowest offer is assessed with reference to this benchmark and negotiations held with the lowest bidder to arrive at a mutually acceptable price and resolve other issues, if required. The CNC report forms the basis on which financial approval is obtained from the Competent Financial Authority (CFA) to sign the contract. The authority to approve procurements up to Rs 300 crore is delegated to the vice chiefs (deputy chief in the case of IAF). The Defence Secretary is empowered to approve cases that fall between Rs 300 crore and Rs 500 crore. The Defence Minister and Finance Minister have powers up to Rs 2,000 crore and Rs 3,000 crore respectively, beyond which all proposals are approved by the Cabinet Committee on Security. A standard contract template is prescribed by the MoD which is used for signing contracts other than those which are negotiated under Intergovernmental Agreements and the like. This standard contract document is practically a mirror image of the terms and conditions included in the RfP. Meanwhile, the offset contract of the bidder who is to be awarded the main contract is also processed parallelly and signed along with the main contract. A small error at any stage in the procurement process could bring the proposal back to the drawing stage. Insufficient or faulty information gathered through RfI could lead to formulation of the QRs that no manufacturer can meet. Faulty RfP could pose difficulties at the time of technical evaluation, field trials and signing the contract as the RfP terms cannot be amended at any of these stages. Faulty benchmarking could create difficulties in commercial negotiations. And this, by the way, is only the proverbial tip of the iceberg. Given this ground reality, the fact that the RfI has been issued for acquisition of some equipment, the AoN has been accorded for issuing the tenders, or the RfP has been issued inviting bids from the interested bidders, is no cause for celebration. Proposals can fall through even after successful completion of all assessments, evaluations, and negotiations. The celebratory tone of the reports concerning RfIs, AoNs, and RfPs betrays naivete. (The author is former Financial Advisor (Acquisition), Ministry of Defence. Views expressed are personal and do not reflect the official position or policy of Financial Express Online.)
By Shailesh Kumar Capital appreciation is the lucrative part in any investment, be it an immovable or movable property. While income in the form of rentals, dividends, etc., are taxed on yearly basis, appreciation is subjected to tax at the time of sale of such capital assets. The Income-Tax Act excludes movable personal effects such as car, furniture from tax under this head but specifically includes gain from sale of jewellery, archaeological collections, paintings, etc. Land, building, shares, mutual funds are some examples of capital assets. Sale of depreciable assets forming part of the block of assets of business are also subjected to capital gain tax. Depending upon the period for which such asset is held, gain may be long term or short term and accordingly rate of taxes shall apply. While the former enjoys a benefit of indexation of the cost price, the difference between the sale and cost price is offered to tax in the latter. LTCG on equity Long-term capital gain (LTCG) from sale of listed equity shares, equity oriented mutual funds were earlier entirely exempt from tax. With the introduction of Section 112A vide Finance Act, 2018 LTCG from such assets were brought under the ambit of taxation. An exemption up to Rs 1 lakh of long-term gains was provided.Any amount above this threshold was made taxable at 10% rate. The concept of grandfathering of the equity shares on the basis of the fair market value (FMV) as on January 31,2018 was introduced for listed shares and units purchased before such date. The calculation methodology had been drafted in such a manner that the impact is prospective and not retrospective. Thus, in most cases FMV as on January 31,2018 would replace the cost of acquisition; being higher of the two; in essence, eliminating any tax effect on the resultant gains before January 31,2018. At the same time, provisions of Section 54EC were also rationalised to restrict the scope of deduction available under this section only to LTCG arising from sale of land or building or both. Before such amendment the benefit of this section was available against gain from sale of any long-term capital asset. Further, the lock-in period of investment made in the bonds specified in this section was also increased from three years to five years. Relief on LTCG Relief from tax on LTCG is given under Section 54 where such gains from sale of a residential house is invested in one residential house. From assessment year (AY) 2020-21, in a special case wherein the LTCG does not exceed `2 crore; such benefit was extended to investment in two residential houses. However, this is once in a lifetime opportunity available to a taxpayer. Further, to claim exemption on capital gains certain time limits for making investment are to be adhered to. Under the ambit of compliance reliefs provided on account of Covid-19, where the last date of compliance for claiming exemption under Sections 54 to 54GB falls between April 1,2021 to September 29,2021 the compliance can be completed up to September 30,2021. Taxability under the head Various exemptions are also available. Hence, while selling a capital asset it becomes necessary to plan the consequential tax effect on the transaction. For example, one may actually hold on to a share for a few extra days before selling it in order to change its taxability from being short term to long term if loss on paying taxes is more than estimated loss of market price. The writer is partner, Nangia Co LLP
JBL has rolled out a digital brand campaign #JBLGoesTopless for its new true wireless (TWS) earbuds Wave 100. Conceptualised by Havas Creative, the film aims to create awareness about the new product and encourages consumers to explore the modern, sleek, stylish, and powerful earbuds, the company said. The digital film showcases the convenience and the power to stay original and unique. The film depicts a protagonist who uses the JBL Wave 100 TWS. When it comes to making new inroads into a product segment with cut-throat competition, the choices that a brand makes are crucial to the outcome, Yogesh Nambiar It features our first ever lidless design in the TWS segment coupled with yet another first, offering two distinct sound modes. We adopted an unprecedented route with the tagline- Needless to say, we are thoroughly excited about the campaign and expect to make waves in the category. We hope that music lovers will pop it, fit it, and groove with it, For Bobby Pawar, chairman and chief creative officer, Havas Group India, JBL is creating new ground with its unique product offerings. The idea behind this film was to give individuals access to technology, improve their lives through music, and encourage them to pursue their dreams, Havas Group India gathers the expertise of 10 specialist agencies across 4 groups: Havas Media Group Read Also: How Facebook is building Instagram as complete business solution for brands Follow us onTwitter,Instagram,LinkedIn,Facebook
The year 2020 and thereafter was overtaken by the Covid pandemic and the hardest hit was the tourism industry, not only in India, but travel across the world came to a grinding halt. The new normal in 2021 brought massive changes and altered the tourism landscape, everyone related to the industry had to shift gears and think anew. Fortunately, domestic travel grew, as people resumed travel and looked for safer options, shorter driving holidays and discovering new places. Syed Junaid Altaf, Managing Director, Empyrean Skyview Projects Private Ltd, promoters of Skyview by Empyrean, a new lifestyle and adventure destination spoke to the Financial Express Online about how they have been ahead of the curve as they had just launched their mountain tourism project at Sanget Valley in Patnitop to attract new age travellers while setting a benchmark Excerpts: What is green mobility? How did It is about promoting the concept of moving people and not vehicles and encourages modes of transportation that are not dependent on fossil fuel for operation. Green mobility is also about reducing the environmental footprint of the current mobility system i.e. GHG emissions, noise, and air pollution. Empyrean Skyview Projects Pvt Ltd. (ESPPL) came by the opportunity to build an international class gondola [Skyview Gondola] in Patnitop as a hallmark project under PPP model with Patnitop Development Authority. We started building in 2017 and the project was completed in a record time of 2 years and 4 months at an initial investment of Rs 175 crores. This flagship project is the largest Indo-French collaboration in mountain infrastructure development, and also the biggest tourism project in UT JK. The Skyview Gondola was our first step towards setting a benchmark for responsible tourism and green mobility as it eliminated a 30-45 minutes road journey to Patnitop from the Shyama Prasad Mukherjee Tunnel (formerly the Chenani-Nashri Tunnel) by way of a breathtaking and picturesque gondola ride of over 2.8kms of inclined destination to just 10-12 minutes. In fact, not a single tree was felled whilst constructing the project, along the 2.8kms inclined distance on the gondola line. The gondola is actually ESPPL The infrastructure, including the 8 towers, ropes, and spacious 18 cabins, all has been imported from France through technology partner POMA You say you are pioneers in mountain adventure tourism, what are your future plans? Yes, in fact, with Skyview by Empyrean at Sanget Valley-Patnitop, ESPPL has set a benchmark in developing lifestyle and adventure destinations with world-class infrastructure adhering to global standards of safety and service, offering a plethora of thrilling and exciting experiences, all available in one destination. We see an unprecedented opportunity in terms of footfalls at Skyview, due to its proximity to the Mata Vaishno Devi shrine. However, that is not the only thing that we are planning to build the destination on. We are also working on building a holistic hospitality brand with differentiated offerings, global partnerships and a unique experience for every customer. In addition to luxury accommodation on Skyview World, we plan to add more activities and expand our footprint in other destinations. In addition, by creating such destinations, we, along with our partners, hope to raise the bar, generate employment and ensure that the region, where the project is located, also benefits from overall economic development. As a matter of fact, we have also signed up for the Dehradun-Mussoorie gondola project, along similar lines. This should be operational in the next couple of years. You have combined lifestyle and adventure tourism at Sanget valley Patnitop, what are the various activities and infrastructure that you have introduced here which are unique? Skyview by Empyrean is indeed a unique lifestyle and adventure destination offering a range of best-in-class experiences in one integrated destination. We have many firsts to our credit – India Our outdoor location in the Himalayas, just a two-hour drive from Jammu, is perfect for holidays\/short breaks for families, small groups or even solo travellers who are driving down from Jammu, Katra or Punjab It is also ideal for Also on offer are culinary delights at several restaurants One can have an immersive experience of local art and culture and also shop for the finest honey, handicraft items, condiments, spices and dry fruits from JK at the expanded offering at the Hands of Gold retail outlet. We believe that Skyview by Empyrean has transformed Patnitop into a new tourist hill station with its state-of-art gondola that connects Sanget valley, an idyllic hamlet where Skyview World is situated to welcome visitors, to Skyview Terrace in Patnitop, by way of a picturesque gondola ride of over 2.8 kms of inclined destination in just 10-12 minutes. Today, we are all geared to attract the new age traveller. Through our vertical Skyview Adventure Valley, we have introduced very attractive packages available at different price points which include accommodation, camping, We offer a range of dining options, organise large scale events such as a winter carnival, Music concerts and soon we shall also be offering luxury accommodation at Skyview World. For your gondola you partnered with POMA. Any specific reason for that? The wonderful history of ropeways began with POMA in 1936 in the Alps, on the snow-capped peaks of Alpe-d This invention paved the way for the rapid development of recreational skiing in the ski resorts of Europe and the United States, where the surface lift is still called The company POMA, then called POMAGALSKI, was officially founded in 1946.Since then, POMA has not stopped innovating and contributing its expertise to ropeway transport. From the mountains to the city, new mobility challenges are driving POMA to invent economically reasonable transport solutions, respectful of people and their environment. There are more than 8,000 POMA installations around the globe, used as urban transport means, tourist attractions or for transporting industrial materials. From mountain peaks to major cities, the Groups expertise and its ropeway transport systems are recognised worldwide. What about safety standards, how do you ensure that they are adhered to? Ever since we opened in October 2019, we have ensured that safety is a priority and that all activities adhere to and are operated under international safety standards. The entire gondola adheres to CEN (European) standard certification making it the safest gondola in the world. Additionally, we have 200 daily tests for the gondola. Rescue operation drills are done every month. COVID-19 PROTOCOL: During the first lockdown due to the pandemic, Skyview by Empyrean was comprehensively audited for Covid preparedness by SGS – world A Covid-ready compliance certificate of safety has been issued by them just before the reopening making Skyview by Empyrean a safe destination for all visitors. All associates follow stringent SOP Skyview by Empyrean advocates Sustainable Tourism, what are the steps However, the gondola that you see in Patnitop is not only a reflection of sustainable tourism but it is our dedication to being responsible in tourism. In fact, responsible sustainable tourism has the larger theme and the gondola built in Patnitop is the first gondola in Asia without any trees being cut. It is truly a combination of man, infrastructure, perseverance with its underlying commitment to responsible tourism. Reiterating our commitment to sustainable and responsible tourism, we are Grand Patron of Responsible Tourism Society of India (RTSOI)as well as a member of ESPPL is also deeply committed to the development of tourism and especially mountain tourism, and towards this it is a signatory to Future of Tourism, as well as a member\/affiliate of the following tourism associations and bodies: ATOAI, TAAI, ADTOI, IATO and For ESPPL, it has become a mission to promote sustainable tourism through green urban mobility by creating and developing infrastructure to a new and undiscovered destination called Sanget valley and to promote the exquisite Skyview World, uncrowded attractions nearby whilst continuing to promote and empower the forgotten hill-station, Patnitop. What can modern tourism developers and travellers do to contribute to the ecosystem? To practice the seven principles of LEAVE NO TRACE. Plan ahead and prepare. Travel and camp on durable surfaces. Dispose of waste properly. Leave what you find. Minimise campfire impacts. Respect wildlife. Be considerate of other visitors. What are the big challenges Since March 2020, Covid-19 further dented tourism. Besides, the infrastructure that supports tourism is still evolving in the UT. There are challenges, but we as entrepreneurs have signed up for it being in the tourism industry in Jammu Kashmir. I hope that there is policy support to the tourism industry at the administration level in times to come. I look at these challenges more like opportunities. Patnitop is a major tourist attraction, however it doesnt still have a 5 star hotel, do you see this as a challenge? If so, At the same time, we too are looking to expand our own product and we are building luxury cottages. The idea for us is to have an integrated mountain resort offering true mobility to our customers, including food and beverage luxury accommodation, adventure on and off property. We at ESPPL are in the process of filling the gap of luxury accommodation by building cottages at our own Skyview World to cater to that clientele which is looking for international standard quality. This will be launched by the end of the year, and we will add more rooms in the coming year. We believe that we should act like catalysts to Patnitop that is growing and has multi-faceted opportunities for tourism. How has the global pandemic Everyone related to the industry had to shift gears and think anew. Already, travel and tourism within India is gaining momentum and we are confident that Skyview by Empyrean will continue to offer a destination for short breaks that is safe for travellers, is environmentally conscious and responsible, and one that gives back to the community We have also introduced a variety of packages with our partner hotels at Patnitop which include a ride on the gondola and a range of adventure activities at Skyview World in Sanget valley. The product is designed to attract all visitors – ranging from budget to high-end. And off Skyview World activities include guided mountain biking, hiking, camping, birding and much more. It is expected that this type of sustainable, adventure tourism will see growth in the post-COVID landscape.
The Pension Fund Regulatory and Development Authority (PFRDA) has increased the entry age of the National Pension System (NPS) to 70 years from 65 years. Any Indian citizen, resident or non-resident and Overseas Citizen of India between the age of 65-70 years can join NPS and continue or defer their NPS account up to the age of 75 years. Those subscribers who have closed their NPS accounts can open a new account as per increased age eligibility norms. In fact, the regulator amended the rules for existing subscribers to continue to subscribe in the pension fund till 70 years. A subscriber has to write to NPS trust or any intermediary at least 15 days before turning 60 or retiring. The subscriber will also have the option to defer the purchase of annuity for a maximum period of three years from the date of turning 60 or retiring. Asset allocation The regulator in a circular has said that a subscriber joining NPS after the age of 65 years can exercise the choice of pension fund and asset allocation with maximum equity exposure of 15% and 50% under auto and active choice, respectively. A subscriber can change the pension fund once a year and the asset allocation can be changed twice. At present, private sector subscribers of NPS can invest up to 75% in equity under the active choice option. One can opt for the life cycle fund where the equity exposure will reduce as one grows older. The three life cycle funds are: moderate life cycle fund (with 50% equity cap), aggressive life cycle fund (LC 75) with 75% equity cap and the third, conservative life cycle fund (LC 25) with cap on equity at 25%. Exit and withdrawals A subscriber who joins NPS after the age of 65 can exit after three years. He will have to utilise at least 40% of the corpus for purchase of annuity and the remaining amount can be withdrawn as lump sum. However, if the corpus is equal to or less than `5 lakh, then he can withdraw the entire accumulated pension wealth in lump sum. Any exit before completion of three years will be treated as premature exit. Under pre-mature exit, the subscriber will have to utilise at least 80% of the corpus for purchase of annuity and the remaining can be withdrawn in lump sum. However, if the corpus is equal to or less than `2.5 lakh, the subscriber can withdraw the entire accumulated pension wealth in lump sum. In case of unfortunate death of the subscriber, the entire corpus will be paid to the nominee of the subscriber as lump sum. Tier II account Subscribers beyond the age of 65 years can open a Tier II account for investing their disposable income. A Tier II account allows a subscriber to withdraw money at any point of time without any restriction or penalty. Contributions towards the Tier II account can be made using the PRAN and a subscriber can choose between equity funds, government securities and fixed income instruments. However, one does not get any tax benefit on the investment made in a Tier II account as it does not have a locking period for funds unlike Tier 1 account. Moreover, withdrawals from a Tier II account are taxed. Withdrawals within a year of investment attract short-term capital tax while those after a year of depositing earn long-term capital tax. In a Tier I account, a subscriber gets a tax benefit of `1.5 lakh under Section 80 of Income Tax Act. Additionally, the subscriber gets a tax deduction for `50,000 under Section 80CCD 1(B). The maturity proceeds are exempt from tax.
Stage is set for the Taliban 2.0 to announce the new government of Islamic Emirates of Afghanistan on Friday (September 3, 2021). The Taliban has been sending messages to the world that the government which will be formed soon is expected to be The formation of a new government will be in the midst of an acute economic crisis, and it will have to depend on international aid –whether it is funds or food. There will be an acute shortage of cash as the Taliban is not expected to get access to almost USD 10 billion in assets held overseas by the Afghan Central Bank. The structure of government under Taliban It will be led by Mullah Baradar has been seen in public as he has been associated with the peace negotiations in Doha, Qatar. On the other hand Hibatullah Akhundzada has been away from the public eye in an effort to model himself on the lines of the Taliban founder Mullah Omar. Other key positions in the Taliban government Another influential operations leader Sirajuddin Haqqani, and Mawlawi Mohammad Yaqoob, son of the Taliban movement India and Taliban Talk Earlier this week the Taliban reached out to Indian ambassador in Qatar Deepak Mittal for talks. And in a 45 minute conversation tried to convince India not to remove its diplomats from Kabul and assured full security to the Embassy and diplomats of India. He also talked about building economic, commercial, political and cultural relations. Responding to media queries, in a weekly briefing on Thursday (September 2, 2021), the official spokesperson of MEA, Arindam Bagchi said, Though the main airport in Kabul is still closed, the Taliban has promised safe passage out of the country for the foreigners left behind or the Afghans who want to leave. Reports quoting Foreign Minister Sheikh Mohammed bin Abdulrahman Al-Thani of Qatar has said that his country is in talks with the Taliban and in contact with Turkey about giving technical support to re-start the Kabul airport as that will help in getting the humanitarian assistance faster. It will also help in speedy evacuation operations.
The domestic steel industry This trend is reflected by the industry6 lakh crore in end-July 2020, registering a sharp decline of over 21% in a short span of a year, The industry This suggests that domestic steel companies are now significantly less leveraged than in FY The agency said benefitting from a low base and improved demand from several steel-consuming sectors, domestic consumption to grow at around 12% in the current fiscal. Last fiscal, consumption saw a 7% contraction over the previous fiscal. On the supply front, from JSW Steel and NMDC, eight MT of new capacities are expected to hit the market in the current year to take the installed capacity to 150 MT, but the same is likely to be absorbed by incremental steel consumption of 12 MT expected in FY This will lead to revising the industry Within that, the leading mills however are expected to operate at a significantly higher capacity utilisation.