Name: Insurance industry body to meet FM Sitharaman to seek relaxation on taxation: Report
Uploaded: 2023-02-07T12:51:41.000+05:30
Duration: T00M46S
Channel: Editorji News Desk
Description: Insurance industry body to meet FM Sitharaman to seek relaxation on taxation: Report

German luxury carmaker Mercedes-Benz plans to launch four new electric vehicles in India in the next 8-12 months to accelerate its electric mobility drive

 Mercedes-Benz plans to launch 4 EVs in 8-12 months in India

German luxury carmaker Mercedes-Benz plans to launch four new electric vehicles in India in the next 8-12 months to accelerate its electric mobility drive

German luxury automaker Mercedes-Benz plans to introduce four new electric cars in India over the next eight to twelve months, this is with regard to accelerate its electric mobility drive in India.
"We are very happy with the development of our EVs (electric vehicles) here in the Indian market with (models such as) the EQS and the EQB. We'll have four more vehicles coming in," Luehrs told reporters here in an interaction.
The company currently sells four luxury electric vehicle models -- EQS, EQB, EQC and EQS AMG -- in the Indian market.
On the sales expectation from the EV portfolio in India, Luehrs said, "We will have 25 per cent (of total sales), that's our planning assumption, of electric vehicles in the next four years." At present, sales of EVs account for around 3 per cent of the company's total sales in India.
Last year, Mercedes-Benz India posted a 41 per cent growth in its total sales with a record 15,822 units as compared to 11,242 units sold a year ago. Its previous best sales were achieved in 2018 at 15,583 units.
On being asked when the new four EV models would be launched, Mercedes-Benz India Managing Director &amp; CEO Santosh Iyer said it would be in the next 8-12 months, as a combination of import of completely built units and import of completely knocked down units assembled at the company's Chakan plant.

After Hindenburg's report on Jack Dorsey's Block Inc., the billionaires wealth plunged by $526 million on Thursday

Hindenburg report impact: Dorsey's wealth tumbles $526 million

After Hindenburg's report on Jack Dorsey's Block Inc., the billionaires wealth plunged by $526 million on Thursday

After the Hindenburg report on Block Inc., its co-founder Jack Dorsey's wealth plunged by $526 million on Thursday. This is his worst single day decline since May. According to the Bloomberg Billionaires Index the billionaire is now worth $4.4 billion.&nbsp;
Hindenburg released a report on Thursday claiming Block had inflated user metrics, and that the stock has downside of 65% to 75% &ldquo;on a purely fundamental basis.&rdquo; Following the report, Block fell as much as 22% before closing down at 15% on Thursday.&nbsp;
As per Business Standard, Block Inc. has denied the allegations and said that it plans to explore legal action against the short-seller.
Hindenburg's report on Gautam Adani early this year, had sent a tumultuous wave across the Indian market.&nbsp;

Go First will have its flights at the Delhi airport suspended for two hours (12:00 PM - 2:00 PM ) on April 1 as a result of a BCAS ruling regarding a security violation from September of last year.

Go First operations at Delhi airport to remain suspended for 2 hours on Apr 1 following BCAS order

Go First will have its flights at the Delhi airport suspended for two hours (12:00 PM - 2:00 PM ) on April 1 as a result of a BCAS ruling regarding a security violation from September of last year.

Budget airline Go First's flight operations at Delhi airport will be suspended for two hours on April 1, following an order by the aviation security regulator BCAS related to a violation in September last year.
According to an order, dated March 16, passed by the civil aviation ministry, the airline's security programme will remain suspended from 1200 hours to 1400 hours on April 1 and the carrier has also been asked to take suitable action to minimise the impact of the suspension on the passengers.
There was no immediate comment from Go First.
According to a senior ministry official, the suspension of the security programme means that there will be no flight operations and the latest directive is a kind of warning for the violation.
On September 24, 2022, Go First's Delhi-Mumbai flight returned from the taxiway due to a technical snag.
There were 95 passengers onboard and they were shifted to a parked aircraft by the airline's ferry buses, without permission/ intimation to agencies concerned, including CISF, as per the Bureau of Civil Aviation Security (BCAS)

The cash-strapped carrier has been facing multiple headwinds though it reported a multi-fold rise in net profit to Rs 107 crore in the three months ended December 2022, helped by better performance in passenger and cargo businesses 

SpiceJet open to sell more stakes in airline biz

Cash-strapped SpiceJet to sell more stakes in airline business  

The cash-strapped carrier has been facing multiple headwinds though it reported a multi-fold rise in net profit to Rs 107 crore in the three months ended December 2022, helped by better performance in passenger and cargo businesses&nbsp;

The cash-strapped airline, SpiceJet is open to selling more shares to reduce its liabilities, chairman and managing director Ajay Singh said.&nbsp;
As per Livemint report, Singh further said we are flexible. We will talk to our partners and see what it is they prefer to do. But, irrespective, we need to deleverage our balance sheet to have the space to grow, and that&rsquo;s what we are trying to do," Singh said in response to a query at the CAPA India Aviation Summit.
At the end of the December quarter, when it posted a four-fold jump in net profit to ₹106.8 crore thanks to robust demand and higher fares, the Gurugram-based airline had liabilities of around ₹14,000 crore. The carrier has been in talks with lessors, investors and lenders in India and abroad for renegotiating contracts, raising funds, and restructuring. The airline has convinced Carlyle Aviation, its largest lessor from which it has leased 13 aircraft, to convert $100 million of outstanding dues into a 7.5% equity and $65.5 million worth of compulsorily convertible debentures in the cargo unit.
The cash-strapped carrier has been facing multiple headwinds though it reported a multi-fold rise in net profit to Rs 107 crore in the three months ended December 2022, helped by better performance in passenger and cargo businesses.&nbsp;

You free blue tick on Twitter will disappear on April 1.

Twitter to soon remove legacy blue ticks

You free blue tick on Twitter will disappear on April 1.

Twitter will start removing legacy verified marks from user accounts beginning April 1, as it moves towards a model where only paid subscribers and approved organisations have that status.
Many public figures and journalists were previously marked as verified without paying for the subscription.
The blue verification mark is now a major feature of Twitter Blue's subscription offering, which is priced starting at ₹650 per month.&nbsp;
Paying subscribers also get higher priority in replies and searches, receive fewer ads, and can edit tweets.

Ahead of finance ministry's meet with PSU banks on Saturday, the government has asked the state-owned lenders to share their bond portfolio data

Amid global banking crisis, Finance Ministry seeks PSB's bond portfolio data

Ahead of finance ministry's meet with PSU banks on Saturday, the government has asked the state-owned lenders to share their bond portfolio data

As per Business Standard, the Union finance ministry has asked public sector banks (PSBs) to furnish details of their bond portfolios ahead of their meeting with Finance Minister Nirmala Sitharaman on Saturday, amid the turmoil in global banks.
As an exercise to determine the resilience of banks against interest-rate risks, the ministry has specifically requested details on holdings under the held-to-maturity (HTM) and available-for-sale (AFS) portfolios, bankers said
While the HTM portfolio protects banks from potential losses on bond holdings, the government wants to ascertain how banks will respond in the case of large bond sales from that book, sources said.
Sitharaman will hold a meeting with all PSB heads on Saturday where she will review their work, including lending to infrastructure and flow of cash transfers to beneficiaries under various government flagship schemes.
Source: Business Standard&nbsp;

Investors holding physical share certificates have got a reprieve, with the Securities and Exchange Board of India extending the timeline for complying with know your customer (KYC) norms from March 31 to September 30

Sebi relief for investors holding physical shares

Investors holding physical share certificates have got a reprieve, with the Securities and Exchange Board of India extending the timeline for complying with know your customer (KYC) norms from March 31 to September 30

The Securities and Exchange Board of India has given investors who possess physical share certificates a reprieve by extending the deadline for adhering to the know your customer (KYC) regulations from March 31 to September 30, as per a report by Financial Express.&nbsp;
Presenting PAN, nomination, contact information, bank account information, and a sample signature for their respective folio numbers to their registrar and transfer agents is now required of all holders of physical securities in listed companies.
If this is not done, folios will be blocked by RTAs after October 1. These shares will not be subject to company actions such as dividends, bonuses, or stock splits.
In the securities market, only 1% to 1.5% of shares are still held in their physical shape as share certificates. Industry estimates place the worth of this at over 3.5 trillion rupees.
As reported by Financial Express

Vikram Chandra speaks to Rajeev Chandrasekhar, Minister of Information Technology on scaling up India’s semiconductor industry and electronics manufacturing 

Exclusive Rajeev Chandrasekhar on scaling up India’s electronics manufacturing

Vikram Chandra speaks to Rajeev Chandrasekhar, Minister of Information Technology on scaling up India&rsquo;s semiconductor industry and electronics manufacturing&nbsp;

With an aim to make India more 'Atmanirbhar&rsquo; and a hub of semiconductors, Minister of State,&nbsp; Information Technology, speaks with Editorji's Vikram Chandra on scaling up India&rsquo;s semiconductor industry and electronics manufacturing. Listen in to the exclusive conversation&nbsp;&nbsp;

Job cuts at Accenture: IT services & consulting firm to lay off 19,000 staff

Over half of these departures will consist of people in Accenture's non-billable corporate functions, the filing said.&nbsp;

IT services and consulting firm Accenture will lay off 2.5 per cent or 19,000 employees over a period of the next one and half years, the company said in a regulatory filing.
Accenture currently employs over 7 lakh people and is estimated to have the largest employee base of 3 lakh people in India.
"While we continue to hire, especially to support our strategic growth priorities, during the second quarter of fiscal 2023, we initiated actions to streamline our operations and transform our non-billable corporate functions to reduce costs. Over the next 18 months, these actions are expected to result in the departure of approximately 19,000 people (or 2.5 per cent of our current workforce)," the company said in a regulatory filing.
Over half of these departures will consist of people in Accenture's non-billable corporate functions, the filing said.&nbsp;

Vikram Chandra speaks to Rajeev Chandrasekhar, Minister of Information Technology on crypto regulation in India  

Will US' Silicon Valley Bank failure impact Indian startups and entrepreneurs?

Exclusive interview with Rajeev Chandrasekhar| What is the future of cryptocurrencies in India? 

Vikram Chandra speaks to Rajeev Chandrasekhar, Minister of Information Technology on crypto regulation in India&nbsp;&nbsp;

With cryptos back in the news and Bitcoin rallying nearly 70% so far this year, Editorji's Vikram Chandra speaks to Rajeev Chandrasekhar, Minister of Information Technology on the future of crypto regulation in India, in this exclusive conversation. Listen in to what he had to say.&nbsp; &nbsp;

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Insurance industry body to meet FM Sitharaman to seek relaxation on taxation: Report 

Shares of most life insurance companies have been under pressure after the Budget 2023 announcements regarding limiting income tax exemption from the proceeds of insurance policies

The insurance industry was left disappointed with Budget 2023. In fact one of the budget proposals, limiting exemptions on high value insurance policies, came as a big blow to the industry.&nbsp; As per reports, the industry body will meet Finance Minister Nirmala Sitharaman to seek a relaxation on taxation on insurance.&nbsp;
According to CNBC-TV18, the industry body seeks raising the limit on premium for taxation to ₹10 lakh/year vs budget announcement of ₹5 lakh/year.&nbsp;
Shares of most life insurance companies have been under pressure after the Budget 2023 announcement, which said that the payout of life insurance policies where the premium was above Rs 5 lakh, would be taxed.&nbsp;
&nbsp;

Indian Automakers have either already hiked prices or price increases are on the cards, Tata Motors has hiked prices by 5% on commercial vehicles from April 1.

Reasons behind recent price hikes in India's automation sector 

Automakers across the board are increasing prices. This due to overall inflation as well as regulatory requirements.

If you&rsquo;re looking to buy a new vehicle, then get ready to pay a higher price. Automakers have either already hiked prices or price increases are on the cards.
Tata Motors has hiked prices by 5% on commercial vehicles from April 1st. In a regulatory filing, Tata Motors said it is facing cost pressures due to overall inflation and regulatory requirements and that it had become imperative to pass on some of the impact. Hero Moto Corp has increased prices by 2%. Honda has already increased prices by Rs 30,000 across several models from January 1st
Meanwhile, M&amp;M, MG, Kia are mulling raising their prices as well. So, why are auto companies raising prices?
BS6 Stage II Norms will come into effect on 1st April. The transition includes tighter emission regulations, which raises the cost of production. Manufacturers need to upgrade both the software and hardware of the vehicles. Although it will help the environment, consumers should expect to spend an additional ₹15,000 to ₹20,000 depending on the model.
&nbsp;Supply Shortage: Supply chain issues are continuing into 2023. Mike Ramsey, VP Analyst at Gartner said that 'More than two years after the pandemic began, carmakers still cannot forecast an end to shortages of semiconductor chips or the subsequent shortage of vehicles they can produce.' Specifically for electric vehicles, with demand rising, there is a shortage of EV battery raw materials as well
Six airbags mandate: Union Road Transport and Highways Minister Nitin Gadkari has mandated that all passenger vehicles have 6 airbags, for enhanced safety. This rule will be effective in October 2023.

The government has increased the securities transaction tax on options by 23.5% and futures by 25%

Finance Bill 2023: Govt hikes securities transaction tax on sale of F&O

The government has increased the securities transaction tax on options by 23.5% and futures by 25%

Government has hiked the securities transaction tax by 25% on the futures and options sale. The hike was introduced in the Finance Bill 2023.&nbsp;
The STT has been hiked by 23.5% on the sale of options and 25% on the sale of futures. As per the amendments, STT on the sale of options has been hiked to Rs 6,200 on a turnover of Rs 1 crore. On the sale of futures contracts, the STT has been hiked to Rs 1,250 on Rs 1 crore of turnover. Earlier the trader had to pay Rs 5,000 for options and Rs 1,000 for futures.&nbsp;
The new rules will come into effect from the new financial year 2023-24.&nbsp;
Besides the hike in STT, option traders also have another blow to deal with as the National Stock Exchange (NSE) has chosen to withdraw the Do Not Exercise (DNE) facility for those trading in the options segment from March 30
The Finance Bill 2023, with 64 official amendments was passed in Lok Sabha on Friday without discussion giving effect to tax proposals.

Sensex, Nifty fall nearly 1% amid weak trend in global equities

Bajaj Finserv was the biggest loser among the Sensex constituents, sliding 3.81 per cent, followed by Bajaj Finance, Tata Steel, Reliance Industries, HCL Tech, SBI, Larsen &amp; Toubro and Mahindra &amp; Mahindra, Axis Bank and Titan

Equity benchmark indices Sensex and Nifty buckled under selling pressure for the second straight session to settle nearly 1 per cent lower on Friday as investors pared exposure to the metal, energy and realty stocks amid a bearish trend in Asian and European markets.
Besides, a depreciating rupee against the US dollar and fresh foreign fund outflows also hit investor sentiments, traders said.
In a volatile trade, the 30-share BSE Sensex declined 398.18 points or 0.69 per cent to finish at 57,527.10. During the day, it went lower by 502.3 points or 0.86 per cent to 57,422.98.
The broader NSE Nifty fell 131.85 points or 0.77 per cent to end at 16,945.05.
Bajaj Finserv was the biggest loser among the Sensex constituents, sliding 3.81 per cent, followed by Bajaj Finance, Tata Steel, Reliance Industries, HCL Tech, SBI, Larsen &amp; Toubro and Mahindra &amp; Mahindra, Axis Bank and Titan.
On the other hand, Kotak Mahindra Bank, Infosys, Tech Mahindra, Power Grid, Asian Paints and Wipro were the gainers.
In Asia markets, stock exchanges in Seoul, Japan, Shanghai and Hong Kong ended lower.
European markets were also quoting in the red in the afternoon trade. The US markets ended higher on Thursday.
Meanwhile, the rupee declined 25 paise to close at 82.45 against the US dollar.
Global oil benchmark Brent crude dipped 1.73 per cent to USD 74.60 per barrel.
Foreign Portfolio Investors offloaded equities worth Rs 995.01 crore on Thursday after a day's breather, according to exchange data.&nbsp;

Accenture plans to fire at least 7,000 of its about 350,000 employees in India

Accenture layoff: 7,000 employees to be fired in India as part of global cuts

Accenture plans to fire at least 7,000 of its about 350,000 employees in India

In a global move to let go of 19,000 people or 2.5% of its global workforce, Tech consultancy Accenture plans to fire at least 7,000 of its about 350,000 employees in India in the next 18 months.&nbsp;
In a filing with the US Securities and Exchange Commission, the Dublin-headquartered company said it expects to incur $1.5 billion in costs as a result of the downsizing, including $1.2 billion directly related to the layoffs.
About half of the jobs lost are in administrative or support functions, not in areas that lead to billing of customers, the company said.
"While we continue to hire, especially to support our strategic growth priorities... we initiated actions to streamline our operations," the company said in a release.
Accenture's most recent annual report said it had 721,000 employees in 2022.
The tech consulting and optimization company hired about 100,000 people in its 2022 fiscal year, which ended in August last year.
"We're going after structural costs, right, to ensure that we're in a better position," chief executive Julie Sweet said on an earnings call Thursday.
"We've been dealing with the difficult challenges of compounding wage inflation and we've been doing that with pricing but we've also been doing that with cost efficiencies and digitizing," Sweet said.

Lok Sabha has passed the Finance Bill 2023 that proposed a big change for debt mutual funds, whereby taxation benefits including long term capital gains and indexation benefit will no longer be available. 

Finance Bill 2023: Govt does away with taxation benefits for debt funds 

Lok Sabha has passed the Finance Bill 2023 that proposed a big change for debt mutual funds, whereby taxation benefits including long term capital gains and indexation benefit will no longer be available.&nbsp;

Lok Sabha on Friday passed the Finance Bill giving effect to tax proposals without debate. The proposal to remove the capital gains tax benefit given to debt mutual fund investors is also amended. According to the amendment, debt funds not having more than 35% invested in equity shares would be taxed at the income tax slab level. It will also be treated as a short term capital gain.&nbsp;
So far, debt mutual funds are treated as long-term investments if held for more than 3 years and taxed at the rate of 20% along with indexation benefits or 10% without indexation. (Indexation benefit is where the taxes are calculated accounting for inflation). For those with a holding period of less than 3 years, they are taxed according to their tax slab.
The changes, are also applicable for gold, international equity and even domestic equity fund of funds (FoFs). This will be applicable from April 1, 2023 and therefore, investors who want to take advantage before the proposed changes come into effect can do so before year-end.
Experts say that these proposals are a big negative for the mutual fund industry which will have to overhaul their debt portfolio. Meanwhile, banks are likely to see an increase in fixed deposit flows because there will be no added benefit of investing in debt funds versus FDs.&nbsp;&nbsp;

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