Provident Financial News

Public Provident Fund (PPF), Sukanya Samriddhi Yojana (SSY), Mahila Samriddhi Saving Certificate, Kisan Vikas Patra, National Savings Certificate (NSC), and Senior Citizen Savings Scheme (SCSS) have their interest rates due for review. The government determines the interest rates for these small savings schemes every quarter.The government had kept the interest rates on small savings schemes unchanged for the April-June quarter.Ashish Aggarwal, Director at Acube Ventures, suggests that a hike in interest rates would signal a move towards encouraging household savings, which have been stagnant in recent years.

India's space ambitions: Market forces are with us“While Australia has partnerships with multiple nations for space ventures, we are taking our engagement with India to the next level. The partnership will lead to Australian satellites being launched into orbit from Indian soil," Green said at the inaugural keynote at the Indian Space Congress 2024.The partnership will involve several stakeholders in India's private space economy including domestic space-engineering firm Ananth Technologies, which has supplied components and engineering services to Isro in many previous missions.Pawan Goenka, chairman of the Indian National Space Promotion and Authorisation Centre (In-Space), a government-affiliated space promotions agency, confirmed that the SSLV was being privatised and that the bidding process was still ongoing.

₹7 lakh, wider tax slabs, and lower surcharges for the super rich. However, the last three budgets have not seen any new benefits or deductions under the old regime to reduce taxpayers' net tax liability or provide additional incentives for investments or certain expenses. It is clear that the government aims to encourage taxpayers to switch to the simpler new tax system.

Section 80C provides income tax benefits of up to ₹1.5 lakh to salaried individuals for investing in income tax saving instruments like the Public Provident Fund (PPF), five-year fixed deposit (FD), ELSS, National Savings Certificate, etc. Personal Finance experts believe Finance Minister Nirmala Sitharaman should hike the 80C deduction ceiling while presenting the first Union Budget of Modi 3.0 govt.The clamour to increase the limit for Section 80C deductions primarily arises due to several reasons:1)The current limit of ₹1.5 lakh under Section 80C was set in 2014 when Late Arun Jaitley was the finance minister .With inflation and increased living costs, individuals find it challenging to save enough within this limit while meeting their other financial obligations.Clear CEO Archit Gupta proposes revising the Section 80C limit, which has stagnated since 2014 despite increasing inflation rates.

₹1,000-2,000 to complete the RBI-mandated EDPMS closure, incurring a net loss. Other challenges include: a) customs clearance taking 1-6 days compared to under 24 hours in China; b) a consignment limit of $12,000 versus China’s $50,000; and c) having to write off international customer returns, which account for 15-25% of sales. To enhance India’s export competitiveness, the government must prioritize e-commerce exports as a key element of its 100-day agenda.

banking. For all money transfers abroad, it's important to adhere to the Liberalised Remittance Scheme (LRS) guidelines set by the Reserve Bank of India (RBI).With the evolving technology, India is certainly rooting for a boundaryless world which leads to multiple options for money transfers. The most commonly used routes are international wire transfer and a forex card.

Ludhiana & Delhi-based real estate developer Hampton Sky Realty Ltd, formerly known as Ritesh Properties and Industries Ltd (RPIL), has announced its plans for constructing luxury hotels in collaboration with esteemed luxury hotel chains.

Income Tax Return (ITR) filing deadline is approaching fast and taxpayers are busy arranging various necessary documents, including Form 16 and 26AS, for filing of tax returns. The ITR filing deadline, like in previous years, is July 31. When it comes to filing tax returns, many salaried and non-salaried individuals, especially first-time taxpayers, often get confused about whether or not they are supposed to file income tax returns. Certain individuals are exempt from paying taxes under income tax laws, resulting in zero or nil tax liability for them.

Losing a job is a challenging experience especially when you are mostly dependent on your salary for paying your home loan, car loan and other expenses on regular basis. However, with prudent financial management, you can overcome this difficult period smoothly.

Unity Small Finance Bank (Unity Bank), a new-age digital first bank, has raised interest rates for its fixed deposit and savings account customers.

By Deepak Pahwa

Stock markets are neither static nor linear. If you observe the pattern of any market, you will see a cyclical trend. Equity markets globally go through cycles of rise and fall. Therefore, to describe the boom and bust of financial markets, terms such as ‘bull market’ and ‘bear market’ are used. When stock prices fall, it is a bear market, and when prices rise, it is a bull market.

In a landmark move towards environmental sustainability, India’s real estate sector is poised for a significant transformation driven by ambitious government policies aimed at achieving net-zero carbon emissions by 2047. The latest initiatives underscore a vital shift towards green growth, aligning with global sustainability goals and signaling a new era for urban development in the country.

On Wednesday, when the US stock market opens, a significant decline in Chipotle Mexican Grill’s stock price will be seen! It is not a market prediction but elementary. The fact is that Chipotle’s shares will begin trading on a post-split basis at the market open on Wednesday, June 26, 2024.

Nitin Gadkari stated on Tuesday that highway agencies should not charge tolls if roads are not in good condition, emphasizing that poor road quality and prolonged wait times at toll plazas are unacceptable, a TOI article stated. Speaking at a global workshop on satellite-based tolling, set to be implemented over 5,000 km this financial year, Gadkari underscored the necessity for highway agencies to provide efficient services before collecting toll fees. “If you don’t provide good services, you should not charge toll,” Gadkari asserted. “We are in a hurry to start tolling to collect user fees and protect our interest. When the condition of any road is not good I get numerous complaints and there are social media posts all over...You should collect the user fee where you provide the best quality road. If you collect toll on roads with potholes, mud, then there will be a backlash from people. We (political leaders) face people’s ire.” Gadkari emphasized that field officers of National Highway (NH) agencies must be sensitive to the public's pain caused by delays at toll plazas, advocating for a mechanism to quickly address grievances. The minister's remarks reflect a growing frustration among commuters regarding the state of highways and toll collection practices.

Dipan Mehta, Director, Elixir Equities, says real estate stocks have given fabulous returns, and at this point, as is the case with a lot of other stocks, the risk-return profile is not in your favour. Mehta says he would just wait and watch and look for a correction, 15-20% correction or so, which may provide us with some margin of safety. If one had to play it from a stock market angle, how are you looking at the real estate space? Where do you find promise?

liquified natural gas export plant on British Columbia’s coast is poised to go ahead.On Tuesday, the Hasila Nation and its partner Pembina Pipeline Corporation announced a green light with their final investment decision in the Cedar LNG plant.The $US3.4 billion project will see the construction of a floating LNG facility in Haisla territory in Kitimat.The nation is a majority owner in the project with a 50.1 per cent stake.“With Cedar LNG, we have proven that Indigenous communities can successfully forge a path to economic independence and generational prosperity,” Haisla Chief Councillor Crystal Smith said in a statement.“We have created a model for how sustainable energy development should be done, with Indigenous Nations as owners, balancing environmental interests with global demand for cleaner energy.”The project has already secured all major regulator approvals and has signed an agreement with the Coastal GasLink Pipeline for the delivery of 400 million cubic feet of natural gas per day, once it is up and running.Cedar LNG estimates the project will be in service by late 2028.B.C.

Arvind Kejriwal in an alleged money laundering case, the Central Bureau of Investigation (CBI) has intensified its scrutiny. This move comes as the CBI interrogated Kejriwal at Tihar Jail on Tuesday, where he has been held since his arrest by the Enforcement Directorate (ED) on March 21. The CBI is now set to approach a Delhi court to seek custody of Kejriwal on Wednesday. According to news reports by India Today, as told to them by sources, the CBI may arrest Arvind Kejriwal and demand his custody. A vacation bench led by Justice Sudhir Kumar Jain granted the Enforcement Directorate's (ED) application to halt the bail order issued by the trial court on June 20. The court criticized the trial judge for what it described as a rushed decision without fully examining the extensive material provided by both parties, calling it «perverse.»

GEM Enviro Management made a stellar market debut today, as its shares opened at ₹142.50 each on BSE SME, indicating a premium of 90% over the issue price of ₹75. The price continued to surge post the listing to hit the ₹149 mark, a 99% premium over the issue price.The SME IPO, valued at ₹44.93 crore, was open for subscription from June 19 to June 21, 2024, at a price between 71 and 75 per share.

ITR filing lessons for first-time taxpayers: It's income tax filing season. Salaried individuals should have received their Form-16 from employers by now and can begin filing their income tax returns (ITRs).

₹1,000, a duration of 5 years, and an interest rate of 5%. If you buy this bond for ₹1,000 and RBI cuts its interest rates by 1%, the bond’s price would increase by about 5% (1% change in interest rates multiplied by the 5-year duration). Consequently, the price of the bond would rise to ₹1,050.