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NSEL crisis: SEBI cracks the whip on defaulters
BenQ India sees real growth in tier-III and tier-IV cities
Tax
Advice
Rohan Murty set to become vice-president of Infosys
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OVL to buy Anadarko’s 10% stake in Mozambique field
personal
finance
How insurance can help your finances grow
A clarification
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NSEL crisis: SEBI cracks the whip on defaulters
Mumbai, August 25 While action has been initiated against nine defaulters so far, more entities would face similar fate if they fail to pay the money owed by them to the National Spot Exchange Ltd (NSEL) investors, officials at stock exchanges said. The decision to this effect has been taken by various stock exchanges in consultations with the capital markets regulator SEBI. SEBI is already probing various aspects of NSEL crisis, including the role of some brokers for possible mis-selling of forward contracts at the spot exchange in violation of regulations related to portfolio management services and prevention of fraudulent and unfair trade practices. It is also suspected that some brokers might have diverted clients' funds to take positions on NSEL, while their roles are also being probed for possible collusion with persons with insider information for trading in the shares of two listed group entities - Financial Technologies (FTIL) and Multi Commodity Exchange (MCX). NSEL was set up to provide an electronic platform to farmers and others for spot market trading in agriculture and other commodities, but it later emerged that some short-duration forward contracts were also being traded there. The NSEL had on August 22 declared nine entities as defaulters after they failed to pay their dues. These nine entities include ARK Imports, Loil Overseas Foods, Lotus Refineries, N K Proteins, NCS Sugars, Spin Cot Textiles, Tavishi Enterprises, Vimladevi Agrotech and Yathuri Associates. "In consultation with SEBI and other exchanges, as a proactive measure, to protect market integrity, to safeguard market participants' interest and as a risk management measure, it has been decided to disable Unique Client Codes (UCC) of above 9 entities from trading with immediate effect," BSE and MCX-SX said in similar circulars. Three of these nine entities — Loil Overseas Foods, N K Proteins and NCS Sugars — are registered as clients of BSE's trading members and the stock exchange has decided to disable the Unique Client Codes (UCCs) of these three entities. Separately, MCX-SX also said Lotus Refineries, N K Proteins and NCS Sugars are registered as clients of its trading members and their UCCs are being disabled. The nine defaulter entities were declared 'defaulters' by NSEL after directions from the commodity markets regulator FMC (Forward Markets Commission), after they failed to pay their dues on the first day of settlement on August 20. NSEL needs to pay dues totalling Rs 5,500 crore to 148 members/brokers, representing 13,000 investor clients. FMC has also directed NSEL to liquidate the assets of those who have defaulted on their payments. — PTI
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BenQ India sees real growth in tier-III and tier-IV cities
BenQ Corporation, a provider of networked digital lifestyle devices and digital convergence solutions, offers a broad range of products in India such as projectors, public information displays, interactive flat panels, LCD monitors, large-sized LCD displays, LED lighting products and mobile computing devices. BenQ is No. 1 brand in projector business in India with more than 20% market share serving a complete range of home entertainment, lifestyle, educational and installation product line-up in this space. Rajeev Singh, Country Head & General Manager, BenQ India, talks to Girja Shankar Kaura about the future plans of the company. Q. What is the biggest contributor to BenQ’s business in India? A. Projector for sure is the biggest segment for us in India. We are the leaders in the space in both education/ institutional and home & lifestyle segment industry in India. Projectors are a sunshine industry and on trajectory of high growth of around 30% per annum. At present, it’s almost a 2.75 lakh unit market with estimated revenue of Rs 750 crore. Currently, the projector industry is in a low penetration state which offers great opportunity for future growth in India. Projectors in education are increasingly accepted as essential tool in classroom for elementary, middle and higher educational institutes. Our education system is evolving with integration of digitised content which makes it simpler for students to learn new things with significantly high level of retention. Also, these days the projection technology is more sought after in homes with spectacular increase in availability of 3D and full HD content in form and availability by HD DTH and Blu Ray discs. This is increasing the desire for big screen cinema experience at home. BenQ is leading the charge with futuristic technologies, products and customised projector market with more than 10 different models in each segment. Q. What are the key factors driving the projector market? A. BenQ India’s business is mainly driven by the projector product line. The projector market in India is extremely cluttered and fragmented with 20-plus brands operating in various categories. BenQ is the leading projector brand in India and education is contributing to 50% of our total projector business, hence is the most important vertical for BenQ in India. In the year 2012, we have installed projectors in more than 55,000 classrooms. BenQ’s target is to maintain and increase market leadership position in the Indian market with over 20% market share by the end of 2013. BenQ is also bringing interactive flat panels, professional displays and large screen flicker-free monitors which are boon to any kind of corporate and educational setup. These kinds of displays are ideal for education and retail environment where a sturdy product and its longer duty cycle is required. With almost entire range of projectors — 3D ready and short throw models — BenQ is the leader in the projector market. The company is a pioneer in launching industry firsts such as SmartEco technology, 3D feature, Interactive Solution, Short Throw products consistently raising the bar for projector industry. The most competitive segment is the entry level SVGA segment, where the product is getting more and more commoditised. The profitability is the first casualty for the partners over here. However, BenQ is having more than 40 different models in different categories which ensures that our partner are always equipped with a differentiated product offering which in turn is profitable to them as well. Q. What kind of channel strategy do you follow in this space? A. BenQ is working on a three-pronged strategy for its channel. Firstly, product expansion, we are constantly bringing new technologies in our existing product lines like SmartEco 2 which gives up to 90% energy saving in projector and 10,000 lamp hours which are exclusively provided by us. Also, new product lines to India like LED lighting for consumers and industry, interactive flat panel for education and large-sized LCD display for retail industry are to be launched in Indian market soon. Secondly, extensive channel expansion, and more so in tier III and IV cities, where we see the real growth in India. We are targeting to expand the service support to 210 service locations by the end of this year. BenQ channel strategy focuses on identifying and training the right channel partners across geographies for its business encouraging technology selling approach than just product selling. Lastly, focused marketing approach through regular participation in channel advertisements, trade exhibitions and shows for specific target segments to strengthen our market in India. BenQ provides an encouraging reward and recognition system for the channel partners have resulted in satisfied and motivated channel partnerships. The certified partners have a unique advantage on pricing and schemes over the non-certified partners. ‘BenQ Connect’ is our most successful channel programme wherein we organise meetings and training for our channel partners in different cities in India. We have covered more than 35 tier I and II cities and had participation of more than 2,500 channel partners across these cities.
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Tax
Advice
Q. I became a senior citizen in December 2011. I e-filed my income tax return for the financial year 2011-12 (AY 2012-13) in July 2012. The State Bank of Patiala gave me the TDS details on my FDs by the end of April 2012. So before e-filing my return, I deposited my tax liability of Rs 69,827 on 23.7.2012 assuming that a senior citizen is not required to pay advance tax under Section 207 (Tribune dated 27.7.2013). The Income Tax Department has issued me a Demand Notice dated 07.6.2013 showing penal interest of Rs 7,464 (Rs 4,596 under Section 234B and Rs 2,868 under Section 234C of the Income Tax Act. Kindly advise whether I was right in my assumption as a senior citizen in respect of advance tax or not. If yes, then what to do with this Demand Notice and how to settle this issue. My income does not include any income from profits and gains from business and profession. — Dr DC Katoch A. The provisions relating to non-applicability of payment of advance tax to senior citizens who do not have any income chargeable under head “profits and gains from business and profession” have been introduced by the Finance Act 2012 and are applicable for the advance tax payable during the financial year 2012-13. The exemption from payment of advance tax was not available for financial year 2011-12. The department has, therefore, correctly charged interest under Section 234B & 234C of the Income Tax Act, 1961 (The Act). You should therefore make the payment of Rs 7,464 to settle the dues in respect of the assessment year 2012-13. Q. I have filed online return to CPC, Bangalore, for AY 2012-13 with Rs 10,000 as advance tax paid and TDS of Rs 2,843, but in computation, the CPC is not giving credit for it and raised a demand of Rs 12,843 plus interest of Rs 1,904 to be paid. Then I filed a rectification application but again they rejected it. The rectification application was filed three times and every time they rejected it and raised the demand. Now my query is: a) Why the CPC is not giving credit when the deposits are clearly seen on their site in form 26 AS. b) How should I detect the mistake done at our end while filing return or filing rectification? c) Can the case can be settled at the local IT office? d) What should I do to clear this mismatch — Manjit Singh A. In case these amounts are reflected in Form 26AS there is no reason for not allowing the due credit in respect of these amounts. You should download a copy of Form 26AS and attach the same with the rectification application and approach the Assessing Officer. a) It is a possibility that you have not approached your Assessing Officer for rectification. b) You have to approach your Assessing Officer for such rectification as application for rectification has to be filed with him. c) If the amount is reflected in Form 26AS there is no question of mismatch.
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Rohan Murty set to become vice-president of Infosys
New Delhi, August 25 To a query if Murty has become vice-president, an Infosys spokesperson said: "Rohan Murty's appointment at Infosys is yet to be approved by the Ministry of Corporate Affairs." The spokesperson further said: "His designation in the company will be confirmed once the process of his appointment has been completed." Rohan (30) is a fellow at the Society of Fellows at Harvard University. He is a Ph.D in Computer Science from the prestigious university and did his Bachelor's in Computer Science from Cornell University. He has held fellowships at MIT, Caltech and Microsoft Research. — PTI |
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OVL to buy Anadarko’s 10% stake in Mozambique field
New Delhi, August 25 OVL, which under DK Sarraf has transformed from a timid firm into an aggressor that stitched over $11 billion worth of deals since September last year, is likely to announce in a day or two the deal to buy Anadarko's 10 per cent stake in Mozambique's offshore Rovuma Area 1, sources said. The company had on June 25 announced buying Videocon's 10 per cent stake in the same field, which may hold as much as 65 trillion cubic feet (Tcf) of gas resources, along with Oil India Ltd (OIL) for $2.475 billion. Sources said unlike the June deal, OVL, the overseas arm of ONGC, will buy Anadarko's stake alone in what will be India's second biggest overseas energy acquisition ever. — PTI
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So while you are having a great time with family at some exotic destination, somebody else (burglars) should not have greater time in your home which you have left behind. God forbid something goes wrong in your absence but if does…how to protect your home sweet home from such untoward incident. Home insurance is the answer. It is important that you insure your house and the contents like furniture, fixtures, white goods and other valuables of the house. This will take care of your most important and valuable investment, your home where you have invested your life's saving. Looking at the spiralling real estate prices now, it will become next to impossible to recreate this asset. Even the cost of replacing the contents parked inside can take huge toll on one's finances. Most of us run around taking insurance for smaller things like mobile phones and laptop but not all of us think of buying insurance for the biggest investment. A home insurance is a comprehensive insurance policy which covers both, the structure as well as the contents of the property. A home insurance policy covers the structure and the content of the home for the entire natural and man-made calamities. The calamities covered range from fire, lightning, aircraft damage, earthquake or floods causing damage to the structure and the contents of the home to burglary or theft of the contents only. So in case the home is destroyed by something like fire or an earthquake or any other calamity, the insurance company will pay you the cost in which one can construct the home once again. I would like to refer here powerful tsunami hitting Japan, destroying many cities and leaving millions homeless. In case the property owners had taken home insurance policy for their homes, the insurance company would have paid for the cost of construction of the new property on the same piece of land. Along with that, the insurance company would have paid for not only contents like furniture, TV, fridge, air-conditioners but also valuables like jewellery etc. in the home which were insured according to the depreciated value of the contents. Even if you are staying on rent, you should take home insurance to protect the contents inside the house. You can also get your home covered against terrorism on payment of additional premium. Even if you are planning to shift to another place on rent, it can also be covered on payment of additional premium. This works well for people who are staying in independent houses like bungalows. So what about the people living in flats in housing societies? These people cannot buy home insurance for their flat; the society needs to take the policy which covers all the flats in the society to cover the structure of the property against any perils. This policy will not cover any damage arising out of war or war-like situation, not even military rising or rebellion or usurped power. It will also not cover loss to the property directly or indirectly caused by radiations or contamination by radioactivity from any nuclear fuel or from any nuclear waste. Any forceful destruction of property will not be covered like loss due to pollution or contamination. In case people keep cash and share certificates at home, then this also will not be covered under the home insurance policy. The sum assured for structure in case of home insurance is not based on the market value of the property but is based on the cost of construction of the property. So in case your bungalow is of 2,000 sq ft and the cost to construct the same is Rs 5,000 per sq ft, then the cost of construction will be Rs 1 crore. Thus, the sum assured of structure for home insurance should be Rs 1 crore and not Rs 1.5 crore for which the bungalow is bought for. In case of content insurance, the sum assured is the depreciated value of the electronics and not the value at which you purchased these. goods. Also, it is always better to keep the bills handy as it helps for quicker claim settlement. The cost of construction has gone up in the past few years by almost 30% besides rates of electronic goods. Now with your plush interiors, HD TVs, 4-door refrigerators, highly advanced ACs, it has become all the more important to insure your homes. You can approach any of the general insurance company to buy a home insurance plan for your home and its contents. The author is Chief Editor, Apnapaisa. The views expressed in this article are his own |
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How insurance can help your finances grow
While this credit system may work in case of material goods and consumer durables, your life stage goals or needs on the other hand, requires a better planning. This is why, merely planning for the immediate future is not enough. There is a need to plan ahead and make sufficient financial provision for the distant future too. Some of the most common forms of investments through which you can provision for your future are mutual funds, stock market, fixed deposits, property, and even the purchase of gold. However, insurance too can be used as a unique option of protection and life stage planning. A life insurance plan carefully selected as per your need not only works as a steady means of investment, but also provides the much-needed protection till you attain your financial goal. The advantage with using insurance as a means of facilitating financial planning is it is a beneficial tool that enables immense diversification. Insurance plans make available different options such as traditional plans, ULIPs, etc., which act as a solution for almost every requirement like education, retirement etc. Adopt insurance to help your money grow
Trying to build a strong financial backing for oneself can be taken forward by ensuring that the money is invested where one gets the benefit of growth, but at the same time protects the savings/corpus. Here is how insurance can help you achieve each of these objectives. Make savings a priority When planning your finances, an important thing to keep in mind is the earlier you start, the more you will save. The one major benefit of starting early with an insurance plan is that you will get a larger life insurance cover at a lower premium. Some of the best options to turn to when you are looking to save are endowment plans and money back plans, especially in your start-up years as they can help you build your habit of saving. These plans usually come with a secured returns and a reasonable life cover. Invest your money where it grows When looking at options that can help your money grow, turning to ULIPs is one of the best options to consider. The advantage with ULIPs is it is a flexible investment option. This gives the customer an opportunity to choose the type of fund that he/she would like to invest in, as per his/her risk appetite. ULIPs also enable you to navigate your investment against market volatility through options such as premium apportionment and fund switch option. The benefit here is that the customer gets unlimited fund switch options, allowing him/her to alter the proportion of debt and equity funds, thus balancing out the portfolio. The most beneficial feature, however, of ULIPs is that this type of plan comes with the twin benefits of life protection as well as a market-linked growth for the investment. Protect your finances Insurance can provide you with various options that allow you to protect your money for your family's future, upon your death or in case you are incapacitated due to some accident. Some of the most prominent options that make this possible are term plans, and riders like Waiver of Premium or Accelerated Critical Illness (ACI). While terms plans offer your family with the complete sum assured upon your death, riders such as waiver of premium protect your family's finances. This option helps since the nominee would still get the complete sum assured, without the obligation of having to pay a premium for the remaining policy term. The elimination of premium may come into effect in case of death or accidental total permanent disability. Additionally, a rider such as Accelerated Critical Illness can provide relief even in a situation such as occurrence of a critical illness. Accelerated Critical Illness can help by advancing your life cover so that money is available to you when you need it the most. The benefit of riders is they provide additional features that can be taken along with your base plan, at a nominal additional cost. Besides riders, term plans too can help protect your finances through the various options that it provides. These options could range from providing security for future situations such as change in responsibilities depending on your life stage, inflation, etc., to taking care of loan liabilities by your family, in case of the unfortunate demise of the breadearner. Life insurance A multi-pronged financial tool Life insurance these days serve several purposes in addition to simply providing your family with basic monetary relief once you are gone. It is, therefore, a good idea to think about insurance the next time you want to invest your money wisely. The author is Head, Market Management, Bajaj Allianz Life Insurance. The views expressed in this article are his own |
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NHPC to issue tax-free bonds Axis Bank ups interest rates Pvt airlines owe
Rs 357 cr to AAI Reliance Life to sell up to 5% stake Imported bicycles to cost 10% more
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The projector market in India is extremely cluttered and fragmented with 20-plus brands operating in various categories. Our target is to maintain and increase market leadership position with over 20% market share by the end of 2013— Rajeev Singh,
Country Head & GM, BenQ India
With the onset of festive season, we are on with making our travel plans coinciding with our annual leave and children's vacation. Though dollar is proving to be quite a dampener for overseas vacation plans, India seems to be a hot destination for holidaying.
With the rise in cost and standard of living these days, what is also essential is the provision of finances to support these needs. The concept of providing for these needs through credit cards has become increasingly common in such cases.
