2 Easy Ways to Open NPS Account to Save Additional Tax

Adjacent screenshot let's you know the procedure to save additional Rs 50000 from income tax.

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Jackpot Bank Nifty Option tip, as the name suggests has the potential to get you more money Profit as it is not the number of tips one trades; but it is the accuracy of a single tip which has the potential to help you realise your financial dreams. This tip is a value for money for all i.e whether one can see the trading terminal or not or is dealing through a broker on phone at BSE, NSE or in F&O. Thus you are on a correct path of making money every day with single daily accurate tip. Click on Image or Post Title to Read More.

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You can have a look at the Video Reviews provided by our ongoing current clients regarding Indian-Share-Tips.Com Services to include Bank Nifty Option Tip. You must have a look to know about their satisfaction level, profit generated and complaints if any. Click on Image or Post Title to Read More.

Awards and Recognition

An award is something which is awarded based on Merit. Awards & Recognition are a must in Life as it provides the necessary vigour to keep progressing ahead in Life. Awards do not only acknowledge success; they recognise many other qualities: ability, struggle, effort and, above all, excellence. This is the reason that for past 22 Years we have been christined as Best Stock Market Tips Provider & we are at the 'Top' in this field. Check out our Awards by clicking on Image or Post Title Now!!

Is Saving Habit Good for You?

A bank is a broker between the poor and the rich. The only place where the two meet is in a bank. The poor brings the money, through saving, and the rich takes it, through borrowing. A poor person saves the money because they have more money than their thinking capacity. So they keep the money in the bank so they can go and think what to do with the money they saved._

*On the other side, the rich people come to pick that money, through borrowing, because they have more ideas than the money they have. On a practical side, please show me one billionaire who got rich through saving and I will show you a million people who have money saved in the banks and are still renting the houses that the Millionaires and billionaires build through the poor people savings which the rich borrowed from a bank.*

```This one 👆got me thinking.```

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A Great Pic to Depict Govt Taxes in Easy Way to Understand

Easy to Comprehend Govt Taxes as a picture is worth more than 1000 words.

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How SBI Lunch Time Saved them from Fraud?

Now we can understand the hidden utility of Lunch time which saved them tonnes of money and we always made fun of this lunch time.

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Is Accountancy Firm to be Blamed for PNB Scam?

*You got it all wrong Mr. FM*

*_The Auditor does not have access to SWIFT Coding system_*

*_The Auditor cannot report on matters which are outside the Books of Accounts_*

*_The Auditor is not suppose to reconcile LOUs for which no sequence number is allotted and for

which no records are available_*

*_How can an Auditor verify entries and records which bypass the CBS system?_*

*Dear Friends*,

Yesterday, the FM Mr. Jaitley has squarely blamed CA community for not performing their duties and

allowing the PNB like Scam to happen. This has seriously dented image of our Profession in the eyes

of Corporate World and Public at large. Being a Politician, he can speak anything and get away with it,

but it is time that we take this matter very seriously and respond to the FM explaining our stand on this

matter. I hope our council will take-up this matter with the FM and clarify its stand on the subject.

The FM has also mentioned that Govt., never interferes with the commercial business of PSBs, which

again is a wrong statement. Successive governments in India are responsible for making Political

appointments in PSUs. I don't want to make it more political, as I would rather like to focus on my

profession only. However, it would be better if everyone reads a small write-up of an ex-banker :

"Directors of public sector banks: The ground reality".

The main reasons for Banking distress are following and it would be good if Auditors are not blamed

for the same:

1. Problems in the constitution of Bank Board Loan Committees

2. Political appointments in Bank Boards of PSBs

3. Evergreening of bad Loans

4. Rescheduling of defaulting loans

5. Funding without Margin or Collateral Security

6. Funding against assets like "Spectrum Allotments" (Airwaves) and Licences

7. Faulty Loan Appraisal system

8. Not having risk management system in place

9. Not doing regular end-use monitoring of Loans

10. Keeping Transactions outside the CBS system

11. Regularity issues, technology upgradation, employees' dissatisfaction, cyber threats etc.

The Bankers must learn to handle cases of Financial Crimes/distress and be extra-careful while

renewing limits, where delinquicies have already been reported in the past. No amount of money can

revive a business once it has completely failed or lost its credibility in the market. Otherwise, time and

again such events will keep happening and this country will lose hard-earned taxpayers money.

Needless to mention, once a fraud is committed and the perpetrator of crime has left the country, the

ball is squarely in the court of Govt. of the day to make recoveries and take appropriate legal

recourse. Blaming Auditors will certainly not help. If the FM wants to pass the buck on Auditors, best luck to him.

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Will Mobile nos be of 13 Digits wef July 18 : Facts Demystified

On social media a lot of rumour is going around which states that wef July 2018 Mobile number will be of 13 digit. All 10 digit existing mobile number will be changed to 13 digit number from October 2018. This order has been checked at our end and the order pertains to machine to machine nos and is not referring to mobiles numbering scheme. Moreover as of now we do not require 13 digit mobile nos as present numbering scheme caters for 100 Crore Connections.

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PNB Vigilance System

3 persons password required to punch Swift code followed by manager followed by 28 audits in past 7 years. It just required one honest man to blow the lid.

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How PNB is Assuring its Clients Post Scam?

Time for PNB to wake up.

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Humour in Market Abbreviations

Here is some humour on the market, even as it is getting disastrous

BSE : Bombay Se Exit

NSE : Nation Se Exit

F/O : Future Over

NIFTY : No Income For This Year

PE : Plunge Endless

EBITDA : Exit Before It Tumbles Down Again

HNI : Has No Idea

PMS : Pre-Meditated Scam

& the winner of all ...

SIP : Suicide by Investing Patiently.

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Understanding Letter of Undertaking Scam

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How PNB Ponzi Scheme Worked?

What actually happened in PNB scam? Let's start from the concept.

First, The Concept

Let's understand how things work.

Some importer, let's call him Nirav Modi or NM, wants to import pearls or diamonds and then sell them. The purchase requires money, so NM approaches a bank, say Punjab National Bank (PNB).

PNB says look, I'll give you a loan but it will be like at 10%.

NM thinks hard and says, no, that's too much. Wait, why don't I take a foreign currency loan instead, after all I'm buying in dollars? Much lower interest rates no? I can get at LIBOR+2% and LIBOR is like 1.5% so I'll have the money at 3.5%!

But who will give NM a foreign currency loan? A bank abroad? They don't know NM. They don't have any history of NM, so why will they give him money?

SO NM goes to PNB and says, boss, you're my banker, so please help some foreign bank give me some money to buy diamonds. Say that you will guarantee my loan by giving me a "Letter of Undertaking" (LOU).

PNB now should be saying look, if you want me to give Rs. 100 cr. guarantee, you give me stuff worth 110 cr. at least. As collateral.

But PNB, for some strange reason, doesn't ask for collateral. More on that later.

So now the foreign bank is ready to lend NM the money. Because PNB will guarantee it. And the foreign bank trusts PNB. Why does it trust PNB?

Because PNB sends a message on SWIFT – the banking message service – that PNB guarantees Rs. 100 cr. of money for 180 days for Mr. NM at an interest rate of, say, LIBOR + 2%. It's like a message – written in stone, effectively – that says PNB will pay if NM doesn't pay.

In fact the foreign bank trusts only PNB. So it gives the money to PNBs account with it, called by PNB as a "Nostro" – the account that PNB maintains with banks abroad, where the other bank will send money meant for PNB customers.

PNB's nostro account gets the money.

PNB then gives NM the money from the Nostro account, usually paid off to whoever NM is buying his diamonds from. This payment is to someone outside India usually, to fund a purchase of diamonds or whatever.

Note this carefully: The other bank gives money to PNB's Nostro account. Not to NM. They don't care about NM. They only know that PNB has given a guarantee on the SWIFT channel.

Note: the other bank is nowadays mostly the foreign branches of Indian banks. Because the phoren banks have realized something sinister – that PNB's guarantee is a strange beast that isn't backed with much, but we'll come to that

The foreign bank couldn't care less about whether NM was buying diamonds or bitcoin – to them, PNB would pay back even if NM's bitcoin wallet got stolen.

Why does PNB give a guarantee? Fees. Each year, a bank may charge upto 2% to give the LoU.

So What Happens When It's Time To Pay Back?

NM has to get the pearls in India, sell them, receive the money and pay PNB. On the due date written on the LoU.

Then PNB will pay back the foreign bank saying okay, we got the customer's money so we're giving it back to you. With interest etc.

That's what is supposed to happen. But in reality, things went a little berserk, it seems.

The Reality: A Bit of a Ponzi

NM might not pay back at all. NM might use the money to speculate in the markets. Or do something else.

What if NM in the above example simply didn't have the money to pay back? Instead, he asks a PNB official to open ANOTHER LoU. For the amount owed plus interest. So if we had the first LoU at $10 million the second one is $11 million to cover the interest on the first.

The money from the second LoU is used to repay the first. It's just rolling over of credit. Over and over. Standard definition of a ponzi scheme.

This can easily balloon into a larger amount, so large that it's too much. In effect many such arrangements have turned into semi-ponzi schemes, with one LoU being opened to repay another and so on.

Which is what is likely to have happened.

We don't know the details, but it looks like:

Nirav Modi took loans from foreign branches of Indian banks through an LoU issued by PNB

This was done through a SWIFT based LoU issued through a rogue employee (or many of them) at PNB

The orders never showed up in the core banking system for monitoring

LoUs were rolled over all the way since 2011, and possibly increased over time too.

The rogue official retired in 2017, and the replacement refused to roll over the LoU which came due in Jan 2018 because he couldn't find the past transactions in the system

No rollover means a default, since there was no money to pay. So PNB quickly files an FIR saying oh goodness we have lost 280 cr. on the Jan LoUs

Then someone said, "Abeyaar, is there more of these not-in-system LoUs? Someone check no?"

Then someone checked.

Oh gawd. 11,400 crores.

That's a lot of crores.

Everyone in the bank panicked.

Why couldn't Nirav Modi just pay it back? He must have the original money no?

Because if it was ever intended to be paid back, the rollovers wouldn't have been required. At some point, things got so out of hand that rollovers were required in order to stay current.

Typically this would not be a problem. If PNB had done things right, they would have had collateral worth the amount of guarantee, and they would have sold that collateral and paid the foreign bank.

But, and here's the real issue: PNB didn't have any collateral.

Why did PNB give a guarantee without collateral?

If you and I go for a loan to a bank, they'll ask us for income proof, and collateral. Only small tiny personal loans and credit card loans come backed without collateral. For something of the order of 11,000 cr. you would think they would ask for collateral.

Especially after the scene with Mallya where loans to Kingfisher were given on nearly no collateral (though even there they had a house and some promoter shares pledged)

Why did PNB give this guarantee then? It's typical – banks give guarantees for more the amount you give as collateral. Because business relationships etc. And then:

Because nearly every bank is doing it.

The loan was not a "fund based limit". In a fund based limit like a term loan, the bank pays out money. In non-fund-based limits, the bank will only pay if someone else defaults or an event happens – like a Bank Guarantee or an LC or an LoU.

Meaning, PNB assumed that the foreign bank was giving a loan directly to Nirav Modi and that PNB needed to pay only in case Nirav Modi defaulted. So in the eyes of PNB it was always an "non-fund-based" loan.

But this is how a significant part of import financing works. They all rollover credit, and they all use LoUs for much higher than they can offer as collateral.

From my sources, the scale is huge. For every Rs. 100 that a bank has collateral, they will easily provide LOUs for upto 6x the amount. This is a real problem – that most public sector banks do not keep much collateral against non-fund-based limits given to importing customers.

So even if a bank has collateral, it's nowhere near enough. And then, such unfunded liabilities are not even reported to RBI!

Basel Reporting: No Disclosure

PNB has "unfunded" exposure of 11,000 cr. they say. But they don't even reveal it in their latest Basel III disclosure:

The funded exposure to "Gems and Jewellery" is shown at 1860 cr.

Unfunded to the same sector: 842 cr.

This doesn't even add up. So, in effect, PNB didn't reveal that it was funding massive quantities of "unfunded, contingent exposure". They will of course pretend that they didn't know, because the transactions weren't in the core banking system.

Did Employees Hide it? Was PNB Responsible or was it a fraud?

Can employees be responsible? Could they have hidden the credit and the rolling over of LoUs? But honestly, how does a 11,000 cr. credit pass muster without top management realizing it?

Think of it – your nostro account with these other banks keeps getting big credits that add up to 11,000 cr. Will you not reconcile it in the accounting? The "why is this money even here?" question should have been asked by someone who audits accounts, one thinks?

And the SWIFT messages. It's a specific kind of message. Why wouldn't PNB audit the SWIFT trail? Reconcile it with the core banking system? How many more such skeletons will tumble if they do?

Their excuses are

Data wasn't entered into the core banking system. (Of course, otherwise you would have had to report it)

LOUs weren't authorized. (Hard to believe, because the amounts are very large. Surely someone on the top would know?)

The SWIFT system was illegally used. (Again, hard to believe that a bank like PNB would not audit its SWIFT messages regularly. Or its auditors. Or RBI.)

On the face of it, it looks like the ex-employee is being used as a scapegoat. It's likely that a lot of people were in on this thing. And that it generated massive, fat fees for PNB all these years.

Fees wise: Imagine 11,000 cr. worth LoUs being renewed each year – that's upto Rs. 200 cr. in fees that was all hitting PNB's top line. You could bribe an employee to maybe give you a small increase – say 10-20 cr. but when you hit numbers like 11,000 cr. this is surely something the top management would know.

What's the Scale of this scam?

While PNB reported it as a 11,000 cr. scam, they filed an FIR with the CBI for only Rs. 280 cr. This has probably expanded since then but even if the total outstanding is as much as that, there's a good chance that the actual loss amount will be lesser.

All of it will be borne by PNB right now. Whether someone abused their SWIFT usage is not relevant, if PNB's SWIFT message said they will pay, they have to pay if there is a default.

But think about the fallout. The problem was that some liabilities were not in the system. There could be more such LoUs. From the same branch or others. Other banks could have such LoUs too. It's trivial to start looking – and we know that Nirav Modi will not be an isolated case.

Also, the issue was that the limits had no collateral behind them. If all banks are told to verify their non-fund-based limits and demand collateral against them (say at least 25%) then the scale would be absolutely massive. It's not like this is happening only with Nirav Modi or Choksi. A very large number of importers of commodities have been doing this, and rotating credit. A change in regulation here can change the game dramatically for every other bank (and import account) in the system.

The simple point: this particular transaction will result in a lower loss than 11,000 cr. for PNB. Because of recoveries and such. But if RBI asks all banks to pull up collateral on such lending and stop such practices, the scale is many times larger.

What about the PNB stock?

It's fallen 17%. But note that it already has 60,000 cr. of gross NPAs. Another 11,000 cr. will hurt it but not kill it. It won't die – the government will take it over. Shareholders might suffer, but come on as a shareholder of a public sector bank you're used to suffering.

The problem really is: There is never just one cockroach. When you go deeper, you are likely to find more dirty, dark secrets, and none of them will be any good.

PNB is gonna hurt for a while, but so are others who will find their books similarly tarnished once they investigate.

Will This Bring The Market Down?

Have you been living under a rock? Nothing will ever bring the market down, nowadays.

But the one thing that does bring markets down is the outflow of liquidity. What if so much of the "ponzi" credit – essentially money that was rolled over very month – is being invested directly, or indirectly, into stocks? If RBI tightens up, liquidity will pull money out of stocks, and that will hurt.

Of course, this hurts the fiscal deficit since PNB has to be rescued. So bond yields are up to 7.6% and therefore we'd avoid any long term funds or bonds. Short term it will have to be.

But overall, we wouldn't worry too much. Just react, don't predict. What would you do if stocks fell? Better to answer that than to say they will, or they will not.

(And no, not buying PNB)

Our View: Fix it.

This is the Indian public sector banking system. Fix it.

How can you have transactions on SWIFT outside CBS? Fix it.

Why would you not reconcile the nostro accounts? Suspend the auditors. Fire top management. Fix it.

Closing the door behind Modi, who's already left the country, is probably useless. If you find fraud, invoke their personal guarantees, and file cases to attach their personal properties. After that, file in NCLT to make these companies insolvent. Take the hit, and try to recover.

Find out more such instances where collateral cover is too low. Find out if the LoUs or LCs are just getting rolled over or is the customer actually paying back through the Indian current account. And if not, demand more collateral to avoid further spread of the ponzi.

But this is quite unlikely to happen because the banking system is going to take massive hits now, and we're going to have to deal with the fallout of really horrible systems. It's amazing that our banks have been this lax, but they have been allowed to; with no bankers being investigated, the rot inside the banks has been ignored and instead, industrialists have been the target of outrage. It's time to look at banks as malicious players too, and to fix that rot.

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Did Ravi Subramanian new About PNB Fraud

Ravi Subramanian 's book that released last year ... Had a banking fraud story ...Where the main fraudster was a powerful jewellery trader by the name - Nirav Choksi! The 2 main jewellers in the current PNB fraud story r Nirav Modi n Mehul Choksi!!!

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Can someone Investigate how PNB got Vigilance Award for 2016-17

Hats off to those who gave Vigilance Award to PNB. Were they sleeping when Nirav Modi was running with 11500 Crore.

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4 Steps in PNB Scam

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Whether to be Investor or Salaried Guy : Choice is Yours

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How Petrol Price Calculated in India?

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10 Golden Rules to have both Health & Wealth

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It's Time to Change Mindset

Be a job giver rather than seeker else someone will hire you to fulfill his dreams. Pl respect entrepreneurs as they are going to shape future.

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Pitiable State of PNB

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Guess Movie Produced by PNB

The movie is Finding Nimo i.e Nirav Modi. How banks are playing to rich and than crying on spilt milk.

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Are You Ready for SIP?

SIP is your car going towards your destination of wealth creation..

When it starts it is slow, in first or second gear, gradually increasing the speed to fourth and fifth gears.. Hence COMPOUNDING is your accelerator. It will work once the car or your SIP investment is in momentum

Sometimes the car slows down because you need to apply brakes in order to avoid potholes and bumpers. The same with any investments. Market correction are part of investment strategy. They will help you stay on course if you manage it properly. That's why go slow on potholes and bumpers.

Reverse gear is your Fixed Return products. Do not apply it too much which will delay your journey.

And finally when you reach your destination, you will rejoice the destination, the destination of wealth creation.

So are you ready to board a car, start an SIP to your final destination of wealth

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How to Pay Provident Fund (PF) Challan Online for Employees?

Step 1
Get the challan prepared from your ESI or PF consultant. He will upload it in the system.

Step 2
Visit URL or click Link PF Online Site to make online payment.

Step 3

Now click the Payment (Direct Challan) and this link is visible under the Payment link in navigation bar. The uploaded challan will be
visible in front of you and you can make online payment.

A word of caution is that it is a direct transfer to govt and thus it does not have second factor authentication.

You must have PF number if you have more than 20 employees working under you.

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ICICI Bank Issues Warning for Non Usage of Card for Bitcoin Index

We would like to bring to your notice the below important information on permissible usage of card transactions involving foreign exchange:

Under the Foreign Exchange Management Act (FEMA), 1999, a resident Indian is permitted to make only those foreign exchange transactions on ICICI Bank Cards or Account that are permissible and remittance in any form towards overseas exchange trading through internet/ electronic trading portals is not permitted.
Indian residents are therefore prohibited from trading in foreign exchange in domestic and overseas market, including binary option trading with commodities, stocks, indices, bitcoin index and forex etc.

Please make note of the prohibitions on using your ICICI Bank Cards or Account for such unauthorised transactions in contravention to the FEMA and the regulations issued thereunder and that violation(s), if any, would attract action under the extant laws and regulations against such residents.

In case such transactions are noted on your ICICI Bank Cards or Account, we shall be constrained to close your card or account without any liability or responsibility on the part of the bank.

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How to Trade in Highly Volatile Days Practicing Financial Prudence?

In case the volatility is high in the market and we feel that market may open gap down, it is best to practice following guidelines to keep risk at bay.

1. All F&O positions to be covered with Full Margins (SPAN+Exposure).
2. Cash segment positions must have at least 20% Margin in the system.
3. Avoid the temptation to build positions in a Single stock.
4. Portfolios should be spread over multiple stocks.

Happy Investing and Trading

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Is it Real Sale at NSE and BSE?

The downtrend are real opportunities to buy gems at a discount. Be ready with cash always and you at least get two opportunities in a year. Else intraday calls are best bet to make money in stock market on daily basis.

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How Service Class is the Most Milked Class in terms of Income Tax?

A businessman spends first and thereafter pay taxes.

However, service class is taxed first and thereafter they can do anything with balance left over money.

The adjacent image clearly shows that nation should be grateful to salaried class.

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Easy Way to Understand Market Economics & Dynamics

Budget Special: 😂

Mary is the proprietor of a bar. She realizes that virtually all of her customers are unemployed alcoholics and, as such, can no longer afford to patronise her bar.

To solve this problem, she comes up with a new marketing plan that allows her customers to drink now, but pay later. She keeps track of the drinks consumed on a ledger (thereby granting the customers loans). Word gets around about Mary's "drink now, pay later" marketing strategy and, as a result, increasing numbers of customers flood into Mary's bar. Soon she has the largest sales volume for any bar in the area.

By providing her customers' freedom from immediate payment demands, Mary gets no resistance when, at regular intervals, she substantially increases her prices for wine and beer, the most consumed beverages. Consequently, Mary's gross sales volume increases massively.

A young and dynamic vice-president at the local bank recognises that these customer debts constitute valuable future assets and increases Mary's borrowing limit. He sees no reason for any undue concern, since he has the debts of the unemployed alcoholics as collateral At the bank's corporate headquarters, expert traders figure a way to make huge commissions, and transform these customer loans into DRINKBONDS, ALKIBONDS and PUKEBONDS.

These securities are then bundled and traded on international security markets. Naive investors don't really understand that the securities being sold to them as AAA secured bonds are really the debts of unemployed alcoholics. Nevertheless, the bond prices continuously climb, and the securities soon become the hottest-selling items for some of the nation's leading brokerage houses.

One day, even though the bond prices are still climbing, a risk manager at the original local bank decides that the time has come to demand payment on the debts incurred by the drinkers at Mary's bar. He so informs Mary.

Mary then demands payment from her alcoholic patrons, but being unemployed alcoholics they cannot pay back their drinking debts.Since, Mary cannot fulfil her loan obligations she is forced into bankruptcy. The bar closes and the eleven employees lose their jobs.

Overnight, DRINKBONDS, ALKIBONDS and PUKEBONDS drop in price by 90%. The collapsed bond asset value destroys the banks liquidity and prevents it from issuing new loans, thus freezing credit and economic activity in the community.

The suppliers of Mary's bar had granted her generous payment extensions and had invested their firms' pension funds in the various BOND securities. They find they are now faced with having to write off her bad debt and with losing over 90% of the presumed value of the bonds.

Her wine supplier also claims bankruptcy, closing the doors on a family business that had endured for three generations, her beer supplier is taken over by a competitor, who immediately closes the local plant and lays off 150 workers.

Fortunately though, the bank, the brokerage houses and their respective executives are saved and bailed out by a multi-billion no-strings attached cash infusion from their cronies in Government.

The funds required for this bailout are obtained by new taxes levied on employed, middle-class who have never been in Mary's bar. Now, do you understand economics

🤔🤔🤔🤔

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See how small these corporate houses started

The value of an idea is less than $1. It is the execution which brings value to it. Success lies in execution and not looking for perfect product before execution.

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Must Read this Hidden Bombshell in Income Tax Proposals

A hidden Bomb in the Tax Proposals... - If the return of income is not filed within the due dates, the entire Chapter VI deductions will not be allowed.... including 80 C, 80 D,etc....

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Is Jaitley Fooling Service Class in Budget Standard Deduction?

1. Standard deductions of 40000 replaces 34200 existing reimbursements(it subsumes transport and medical deduction). So if you are in 20% tax slab with taxable income 10lac... U get 20% of 5800(40000-34200) i.e., *₹1160* benefit.

2. Edu cess increased from 3 to 4% so if your income is 10lac you are paying 112500 tax. 1% additional tax on this i.e., *₹1125*.

*So ₹1160-₹1125, salaried class get ₹35 relief!*

Enjoy 😊

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Budget 2018 : Points which matters to You

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Budget : 2018 Gist

*Indian Union Budget 2018-19* highlights :

• Budget around benefit of rural & infra push, critically balancing growth & fiscal prudence.

• *MSP on Kharif crop to be 1.5 times* of cost of prod.

• *National health protection scheme launched*

@5Lk/family/year for 10cr poor families.

• focus on increasing *rural spending* , with rural livelihood spent plan @14.3Lk cr.

• *Women contribution to EPF to be reduced to 8% from 12%* with no change in employer contribution

• Highway construction to exceed 9k km by end of Fy18. Target 35k km under Bharat mala with outlay of 5.35 Lk cr.

• *Railways capex for fy19@ 1.48 Lk cr*

• SEBI to mull asking *corporates to raise 25% of debt requirements from Corp bond mkt*

• Use of *ETFs for disinvestment purposes* including launch of Debt ETF

• *GoI does not consider crypto currency as legal tender* to take steps to curb illegitimate transactions.

• *extra budgetary spent of 5.97 Lk cr for infra*

• Bank recap plan to help banks lend additional 5Lk cr.

• *FY19 divestment tgt of 80k cr* , Fy18 divestment collections to touch 1Lk cr

• Aim to *reduce central govt Debt to GDP ratio* to 40%

• *Health cess @4%* from next fiscal

• Revised *fiscal def estimate for fy18 at 3.5% vs 3.2%* (5.9 Lk cr)

• _FY19 fiscal def tgt @3.3% vs 3%_

• *_No change in personal income tax structure_*

• *Standard deduction of 40k for salaried* in lieu of transport & medical exp.

• Cos with turnover upto 250cr - *tax reduced to 25%*

• GoI brings *Long term cap gain tax of 10%(without indexation) for gains of over 1 Lk*

• Capital gains on equities made till 31st Jan'18 to be grandfathered.

• STCG @15% up to 1yr

• *DDT introduced for equities @10%*

Mkts :

*NSE 11079*

*IND 10yr Gsec(O) 7.68*(+8bps)

*IND 10yr Gsec(N) 7.50(+7bps)*

Brent 69.04

USD/INR 63.8

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