Assurant Financial News

Turkey's new central bank chief says the work to tame inflation — namely through interest rate hikes — will continue “with determination.”

—Name withheld on request

NEW DELHI : The Union government is discussing a proposal for state-run cooperatives to procure maize, or corn, from farmers from the next Rabi season to meet its ambitious ethanol-blended fuel target, a top official said. If the proposal goes through, the National Agricultural Cooperative Marketing Federation of India Ltd (Nafed) and the National Cooperative Consumers’ Federation Of India Ltd (NCCF) will procure maize from farmers at state-set guaranteed prices, Union food and public distribution secretary Sanjeev Chopra told Mint in an interview. Currently, biofuels such as ethanol are made primarily from sugarcane and grains such as rice and maize.

Debt mutual funds have been an instrument of choice while giving exposure to fixed income assets in investment portfolios. Tax efficiency was one of the major reasons for this. However, from April 1, 2023, there has been a change in income tax laws for mutual fund units bought on or after this date. Capital gains from units of any Mutual Fund (MF) scheme that has invested after this date and has only up to 35% assets in Indian equity would now come under Short-term Capital Gains (STCG) tax regime, irrespective of the duration of the investment. STCG tax is payable at one's applicable income tax slab rates. Capital gains from units of those mutual fund schemes that have invested 35%-65% in Indian equity in the MF scheme would qualify for long-term capital gains (LTCG) after 36 months of holding period. LTCG tax of 20% would be applicable, after indexation, for this category. This means that capital gains from units of pure debt funds would come under Short-term capital gains regime irrespective of the holding period and tax payable will be as per one's income tax slab rates. This is a major disadvantage. However, there are two mutual fund categories that offer returns similar to debt mutual funds in a tax efficient manner.

By Simon Jessop and Huw Jones

TAX CHANGE: Interest earned on contributions to the Provident Fund beyond Rs.2.5 lakh in a year are now taxable HOW TO GET AROUND IT: Restrict contributions to Rs.2.5 lakh a year. If you need to invest more, open a PPF account, if you don’t already have one, or else, go for debt funds to defer tax. TAX CHANGE: LTCG beyond Rs.1 lakh from stocks and equity-oriented mutual funds are taxed at 10%. HOW TO GET AROUND IT: Harvest gains of up to Rs.1 lakh every year by booking profits, and then buying back the same stocks or mutual funds. TAX CHANGE: Maturity proceeds of Ulips are taxable if the combined premium of policies bought after 1 Feb 2021 exceeds Rs.2.5 lakh.

Nitish Kumar after he took oath as the Bihar Chief Minister on Sunday. In his recent social media post, PM Modi expressed his confidence in the NDA government formed in Bihar and assured of development in the state. Bihar politics LIVE Updates “The NDA government formed in Bihar will leave no stone unturned for the development of the state and to fulfill the aspirations of its people.

By Tim Reid

Bihar, all political parties in the State held meetings on Saturday with party leaders and legislators in Patna after likelihood that Chief Minister Nitish Kumar may jump ship to the Bharatiya Janata Party (BJP)-led National Democratic Alliance (NDA), Nationalist Congress Party (NCP) Chief Sharad Pawar said that «it is just a speculation as nothing has been finalised yet. The NCP is an ally of the JDU in the INDIA bloc. »Has it been finalised yet? It is still a speculation," Pawar told in Maharashtra's Mumbai.

Across sections of society, Indians have conventionally displayed an affinity for buying and investing in gold. The yellow metal has historically been a reliable hedge against economic downturns and inflation. When the S&P 500 Index dropped by 56.8% during the 2007-2009 recession, gold prices went up by 25.5%. From what we’ve seen so far, gold has been a reliable hedge globally. Seasoned investors who understand that the market is too difficult to be timed, continue to allocate some proportion of their investment portfolio to gold.

Congress president Mallikarjun Kharge, in a letter, requested Trinamool Congress chief and West Bengal Chief Minister Mamata Banerjee to issue directions to ensure smooth passage of Rahul Gandhi's Bharata Jodo Nyay Yatra through the state. Expressing concern that the Yatra was allegedly targeted by some miscreants in the neighbouring states, Kharge wrote in his letter, «While the first Bharat Jodo Yatra went across the country without any untoward incidents and culminated in a rally in Kashmir,. However, you would be aware that some miscreants targeted the current Bharat Jodo Nyay Yatra in your neighbouring states.

An effort to modernize state oversight of a thriving petroleum industry in the nation’s No. 2 state for oil production has advanced past its first committee vetting at the New Mexico Legislature

Explainer on why rice inflation remains in double digits despite various price control measures by the Union government: What are the factors fuelling rice inflation? Some of the key reasons for rice inflation include consistent increase in the minimum support price (MSP), government procurement of rice above MSP to fulfil poll promises, possibility of a decline in India's kharif rice production by about 4% due to the impact of El Nino on the monsoons, and strong demand from poultry and ethanol industry. The increase in MSP of rice is also leading to higher rice prices, say industry experts. The MSP for the common variety of paddy for the year 2023-24 is Rs 2,183/quintal.

India matches the international standards, they said. «The long-term plans are comprehensive and strategically aligned to national priorities, including initiatives such as Make in India, green hydrogen, drones, semiconductors, smart mobility, electronics, defence and space,» a senior government official told ET. «Besides, the government is putting in place a robust quality assurance mechanism to ensure that skill development initiatives meet international benchmarks.»

₹204.30 crore, while National Insurance Company Ltd made a profit of ₹44.82 crore for the first half of the current fiscal from a loss of ₹1,768.46 crore in the year-ago period. Oriental Insurance Company Ltd slashed its first-half loss to ₹42.17 crore from a net loss of ₹3,586.93 crore during the first half of FY23. However, the New India Assurance Company Ltd reported a loss of ₹199.99 crore for the second quarter of FY24 from a profit of ₹260.23 crore posted during Q2FY23.

Union minister Arjun Ram Meghwal on Thursday said the government was ready to discuss all issues as per rules. The Budget session of Parliament, the last of the present Lok Sabha before parliamentary elections are announced, begins on January 31 and will conclude on February 9. Responding to a question on the opposition's allegation that the government was not allowing it to raise issues in the House, the minister of state for Parliamentary Affairs said, «We are ready to discuss every issue that the speaker of the Lok Sabha and the chairman of the Rajya Sabha decide under the rules.» «We have always done this.

Reducing the tax load is a common priority for all taxpayers, as it's natural to seek ways to retain more of your well-earned income. Thankfully, there are several legal and ethical avenues to achieve this goal.

R K Singh on Thursday assured stakeholders that if required, additional funds will be allocated under the National Green Hydrogen Mission for the decarbonisation of the transport sector. Chairing a meeting of government and industry stakeholders from the transport sector in the national capital, he emphasised the government's commitment to energy transition and India's Nationally Determined Contributions (NDC) commitment to reduce emissions intensity.

Narendra Modi launched several projects in Uttar Pradesh before the Lok Sabha elections. He emphasized that he initiates development, and it is the people who support him. Speaking at a gathering in Bulandshahr, he inaugurated and laid the foundation stone for development projects worth over Rs 19,100 crore.

Lawmakers on the European Parliament’s environment committee are backing a proposal to relax rules on genetically modified plants produced using so-called new genomic techniques

Arunachal Pradesh Chief Minister Pema Khandu has said that the government will establish a mini food park in the West Siang district with food processing units for all produce of the entire Siang belt. Khandu declared that the Arunachal Pineapple Festival, held at Bagra for the first time as a community initiative in collaboration with Arunachal Pradesh Marketing Board, will be an annual event to be organized by the state department of Horticulture. Speaking at the closing ceremony of the three-day event, Khandu appreciated the local residents under the banner of All Bagra Welfare Society for conceptualizing the festival in collaboration with the state marketing board to highlight and revive pineapple cultivation in the area. “I must congratulate the All Bagra Welfare Society for organizing this unique and novel event without relying on government funding,” he said. Underscoring West Siang’s potential in horticulture, Khandu assured to establish a mini food park in the district with food processing units for all produces of the entire Siang belt. It may be noted that Bagra village in particular and Pushi Bango in general cultivated pineapple in large scale since 1950 under the patronage of the first pineapple grower of the area late Tojo Bagra. A pineapple grower association was formed in 1980 to explore better marketing avenues, regulate price and push for establishment of a large scale processing unit.