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Showing posts from October 8, 2018

Aadhaar enrolment, update services by banks, post offices to stay: UIDAI

For now there is no change or review in the norms put by the UIDAI for banks to carry out enrolment and updation activities The UIDAI has said that the Supreme Court order restricting use of Aadhaar will have no bearing on enrolment and update services being carried out at banks, post offices and government premises. The move comes as service providers may still use offline verification tools that leverage the unique ID without authentication. The apex court has ruled that Aadhaar is not mandatory for opening bank accounts, but the norms set for banks and post offices to undertake Aadhaar enrolment and updation activity will stay as these are different from authentication services, Unique Identification Authority of India (UIDAI) CEO, Ajay Bhushan Pandey told PTI in an interview. "As Aadhaar is going to be used in the offline mode, for opening bank accounts and other services, and because use of Aadhaar in Direct Benefit Transfer, Pan-ITR has also been held constitutional, the role…

IPOs, FPOs, ESoPs exempted from STT for availing of concessional 10% LTCG

Also, the off-market transactions undertaken by non-residents in line with FDI guidelines, qualified institutional buyers, venture capitalist without payment of STT too could avail the 10% LTCG rate Initial public offerings, bonus, rights issues and ESoPs will be eligible for concessional rate of 10 per cent long-term capital gains (LTCG) tax even if the Securities Transaction Tax has not been paid earlier. In the 2018-19 budget, the government had after a gap of 14 years reintroduced concessional 10 per cent on LTCG tax exceeding Rs 100,000 from sale of shares, subject to payment of Securities Transaction Tax (STT) at the time of acquiring the equities. The finance ministry also decided to exempt certain transaction from payment of STT for availing the concessional 10 per cent LTCG rate. The ministry has notified a list of carve-outs which will be exempt from the requirement of paying STT. These include IPO, follow-on public offer (FPO), bonus or rights issue by a listed company, ac…

The political message from RBI’s consumer confidence survey

Over 50% of respondents believe that job prospects will improve, while 29% say they won’t The Reserve Bank of India’s (RBI) consumer confidence survey is important because confident consumers buy more goods and services, providing a boost to the economy. But it’s also a barometer of how happy people are with the government’s management of the economy. With the general elections so near, could the consumer confidence survey provide some clues to the political future? Let’s take people’s perception about their employment prospects first. In December 2013, a few months before the last general elections and soon after the taper tantrum that unsettled India’s economy, only 29.1% of those surveyed said their economic condition had improved from what it was a year ago, while 34.4% said it had worsened. The rest said there had been no change in their job prospects. The net response, or those who thought their job prospects were brighter than what they were a year ago minus those who thought the…