|
|
|
|
|
Ranbaxy under lens of other regulators post US FDA ban
BIZ TALK
Tax Advice |
|
||||||||||||||||||||||||||||||||||||||||||||||||
|
Markets may remain volatile on RBI move, derivatives’ expiry
Myths about ULIPs
|
|
Ranbaxy under lens of other regulators post US FDA ban
New Delhi, September 22 The regulators said action will be taken after assessing the FDA's reply. Ranbaxy Laboratories, which was acquired by Japanese drug maker Daiichi Sankyo in 2008, commissioned the Mohali plant in 2011 and started exports from there in 2012. It is the third Ranbaxy facility in India to face FDA action, after the Dewas and Paonta Sahib plants. The US FDA banned import of drugs made at the Mohali unit after it found lapses, including tablets embedded with 'black fibre' suspected to be hair from an employee's arm and 'black spots' of oil from machines in tablets. The drug maker, which has 16 manufacturing units in eight countries and ground operations in 43 nations, said it will continue to fully cooperate with the FDA and take steps to resolve the concerns at the earliest. A spokesperson for Australia's Therapeutic Goods Administration (TGA) said it will determine whether any action is required when the FDA information is assessed. "The TGA is in communication with the US FDA and is awaiting details to determine whether any Australian medicines may be affected by the FDA findings," the spokesperson said. The UK's Medicines and Healthcare Products Regulatory Agency (MHRA) said an impact assessment was in progress. "We are currently working with the FDA and other European regulators to assess the impact the FDA's action has on the medicines from the Mohali site that are destined for the UK and European market. "There is currently no evidence that medicines on the UK and EU market manufactured at this site are defective so people should continue to take their medicines," MHRA said. The World Health Organisation did not comment on its action plan, saying only that it had taken note of the US FDA's past actions against Ranbaxy. Ranbaxy said in May it signed a consent decree with the US FDA and agreed to pay $500 million to settle charges after a US Department of Justice probe of data integrity and manufacturing processes at certain company units in India. Ranbaxy clocked over $1 billion sales in the Americas in 2012, while it garnered over $420 million in Europe and over $270 million from Asia and Africa.
— PTI
|
||
|
Ready to launch innovative products, says Swipe Telecom
Q. Tell us about your company, products and services. A. Swipe is the youngest and fastest growing telecom company in the country, with a vision to empower India to be one of the top 10 nations in the world in terms of availability of new tablet technologies by offering innovative solutions through its support and strategic vision. When Swipe was founded, our focus was very clear: To provide innovative products with the latest technology to our customers. Customised hardware and software is our forte. We have introduced a series of firsts for the Indian market — 15 out of 17 products launched have been introduced for the first time. From the Swipe MTV volt, the first 6-inch tablet in India, to India’s first 3D Tab — the Swipe 3D life. We are the only company to focus exclusively on fablets and tablets, and offer the widest variety of these products among our competitors. Fablets and tablets are the fastest growing segment right now, and we are committed to offering new innovative products which offer great value for money. We believe that our customers come first, and no company can flourish without providing the best possible service. That’s why we have a dedicated call centre team to attend to every query of our customers. We have a pan-India service network that is committed to offer the fastest and highest quality of service, to our ever-increasing customer base. The youth is the future of the country, and we offer a myriad of youth-centric products that have become a rage among them. We also feel proud of the fact that we have the India’s largest and most innovation-driven portfolio. Q. What are the market innovations brought by the company? A. Swipe has been pioneering breakthroughs in technology right from its inception. At a time when leading manufacturers ignored fablets, Swipe introduced newer and improved fablets. Such was our belief in their potential that we became the only company in India to focus exclusively on fablets and tablets. We introduced India’s 1st 3D tablet PC - the Swipe 3D life. We designed the first 6” fablet in the country in partnership with MTV — the Swipe MTV Volt. We have brought more unique products in the market in the past one year than any other company in India. Q. Who are the key players in this market and the current size of the market? A. The Indian smartphone market has exploded. India has already become the 3rd largest smartphone market in the world, after the USA and PRC. Mobile phone penetration is at an all-time high, and things will only get better in the next few years. There are a few key players in the market, like Samsung, Sony and Micromax. The overwhelming response which our products are receiving makes us confident that we have carved a niche among the top emerging telecom companies in India, and we will keep breaking new ground in the coming years. Q. What are the key challenges faced by start-up companies? A. There are quite a few challenges for a start-up, especially in a highly competitive and rapidly changing industry such as ours. We have to recognise changes in customer tastes and adapt almost instantaneously. We have to differentiate our offerings by providing better, faster and more affordable products for our customers. India is rapidly changing. People are now judging tablets/fablets based on their technology, rather than being swayed by huge marketing campaigns. Q. What is the turnover of Swipe Telecom? A. Swipe Telecom is growing at a phenomenal rate and huge market and product leadership. For the year 2013-14, Swipe is targeting a turnover of Rs 230 crore. Q. How has been the company’s financial growth? A. Our financial growth is phenomenal. We have grown by 30-40 per cent month-on-month. There is also a growth which is happening due to huge interest from investor community. Swipe Telecom is currently in dialogue with top venture capitalist and international private equity players. Q. What is your market share? A. As of now, we are officially the No. 1 tablet manufacturer in the state of Rajasthan, and a leading company in the states of Punjab, Gujarat, Mumbai and Madhya Pradesh. We have one of the most comprehensive pan-India customer service networks, and several new products in the pipeline. By the end of the current financial year, we will increase our market penetration manifold and introduce several leading products. We are also featured in the bestseller lists of top large format retail stores like Croma, Reliance Digital, eZone, Big Bazaar, PlatnetM, etc.
|
||
|
Form 15 H applicable only if tax liability is nil
by SC Vasudeva Q. In The Tribune dated May 27, 2013, you have clarified that senior citizens are not liable to pay advance income tax under Section 207(2) of the I-T Act. Since TDS is in the form of an advance tax, can I file Form No. 15H for income from FDs and SCSS? I am a senior citizen of 76 years having income from pension and bank deposits only. — Balbir Singh A. You can file Form 15H with the bank concerned provided the tax payable on your estimated total income of the previous year in which such sum is to be included in the total income would be nil. Please note that Form 15H should be filed with the relevant authority before the tax is deducted at source by such authority. Q. I purchased a unit-linked policy in the year 2008-09 with a term of 20 years and the basic sum assured was Rs 3,00,000. The annual premium was fixed at Rs 31,000. The company had given me a written commitment that I shall be at liberty to surrender the policy after 3, 5 or 8 years. In the event the policy is surrendered after three years, the company had to pay me an amount of Rs 1,72,271 minus 2% deduction on the first premium. Accordingly, I got the aforesaid commitment enforced through the Consumer Forum and received the following payments in May-June, 2013: i) Surrender value: Rs 1,71,651 ii) Compensation awarded by the Consumer Forum: Rs 20,000 iii) Costs: Rs 7,000 iv) Interest on the compensation amount: Rs 4,164.25 Total: Rs 2,02,815.25 Please advise on the following points: a) What shall be my tax liability on the aforesaid amount? My annual income is around 6,00,000 and I have already claimed rebate under Section 80C of the Income-tax Act on three premiums of Rs 93,000 i.e. Rs 31,000 per year. b) Shall I be liable to pay any advance tax? If so, on which date. (I am a senior citizen). c) Is there any scheme, other than the PPF, in which the aforesaid amount could be parked to save the tax liability? I subscribe the permissible amount in the PPF. — RC Arora A. a) Section 10(10D) of the Income Tax Act, 1961 (The Act) exempts from the levy of income tax any sum received under a life insurance policy, including the sum allocated by way of bonus on such policy other than any sum received under an insurance policy issued on or after the 1st day of April 2003 but on or before the 31st day of March 2012 in respect of which premium payable for any of the years during the term of policy exceeds 20 per cent of the actual sum assured. The facts in the query indicate that the policy was taken by you after 1st day of April 2003 but before 31st March 2012 and premium payable for the term of the policy did not exceed 20 per cent of the sum assured. Explanation to sub-section (3) of Section 80C of the Act further clarifies that in calculating any such actual sum assured, no account shall be taken: i) of the value of any premiums agreed to be returned, or ii) of any benefit by way of bonus or otherwise over and above the sum actually assured, which is to be or may be received under the policy of any person. In view of the above provisions, excess amount of Rs 78,651 over and above the premiums paid by you should not be chargeable to tax. The amount of compensation of Rs 20,000 seems to be in lieu of the delay caused by the insurance company and being in the nature of a capital receipt should not be taxable as an income. The amount of interest would however, be taxable. a) A senior citizen is not liable to pay advance tax in accordance with the provisions of sub-section (2) of Section 207 of the Act from financial year 2012-13 onwards, in case the senior citizen does not have any income chargeable under the head “profits and gains of business or profession”. b) The maximum permissible limit for savings u/s 80C is Rs 1 lakh. This includes contribution to PPF. In case you are contributing Rs 1 lakh to PPF, there is no other avenue which would enable you to claim a deduction.
|
||
|
Another 0.50% repo hike in the offing: Analysts
Mumbai, September 22 The repo rate hike "indicates that the new Governor is focusing more on inflation than growth. We now expect RBI to increase repo rate by 0.25 per cent each at the next two policy meetings to 8 per cent by end of 2013," house economists at British lender Standard Chartered said. Stating that the Reserve Bank has shifted to an "inflation targeting framework" without explicitly saying so, Japanese brokerage Nomura said it expects a 0.50 per cent hike in repo rate this fiscal. "We are changing our policy call because of this sudden regime shift. Our baseline view has been a continuation of the status quo on policy rates in FY14, followed by a 0.75 per cent repo rate cuts in FY15. We now expect repo rates to be hiked by 50 bps to 8 per cent in FY14, followed by a prolonged pause," it said. Without quantifying the expected hikes, the Credit Suisse economist also said they expect one or two more repo rate increases from in the next few months. Rajan, a celebrated monetary economist from the Chicago Business School, spooked the markets at his maiden policy announcement by increasing the repo rate by 0.25 per cent citing increased worries on inflation. Reacting to the move, Pratip Chaudhuri, the chairman of the country's largest lender State Bank of India, said he would be forced to increase the lending rates, much to the dismay of the borrowers. The support for growth came from the decision to cut the marginal standing facility by 0.75 per cent to 9.5 per cent, which according to the ratings agency Crisil will help bring down cost of funds for banks by 0.4 per cent, if we go by past references on their borrowings.
— PTI |
||
|
Markets may remain volatile on RBI move, derivatives’ expiry
New Delhi, September 22 The RBI raised the short-term policy repo rate to 7.5 per cent from 7.25 per cent, saying inflation had to be lowered to more tolerable levels. The RBI also partially eased its liquidity-tightening steps that were unveiled to defend a weakening rupee. "This week will see expiry of September month's F&O contracts (on Thursday) so volatility will tend to remain high. Meanwhile, the markets are likely to consolidate in the broad range of 5,800-6,150 and form a base for next directional move,"
said Jayant Manglik, President Retail Distribution, Religare Securities Ltd. Stock markets would also monitor trend in foreign fund investment and global cues for further direction. Overseas investors have pumped in over Rs 11,000 crore ($1.7 billion) in the Indian stock market so far this month. The BSE benchmark had lost 383 points on Friday, the most in three weeks, after RBI monetary policy review. The Sensex had surged 684.48 points to an almost 3-year high on Thursday after the US Federal Reserve refrained from easing its stimulus programme.
— PTI |
||
|
Do enough research
Before taking a plunge into the home buying process, you should do enough research. If you don’t take this trouble then you will end up buying a property which either turns out to be unaffordable for you or it is not the one which you had aspired for. Before doing that, do enough research on the projects you are interested in and whether it will suit your some particular requirement which you may have. Be ready with credit report
Before starting your negotiations with the bank or HFC, you should be ready with your credit report and check it for any discrepancies or errors or any negative entries. You should challenge it right away as it will adversely impact your credit score. It will certainly cost you dear as your negotiating power will take a beating. But if your credit history is in great shape, then you can have a great deal with it. But if it is not, then you will certainly have difficulty in getting your home loan approved. Take practical aspects into account
Many a times it has been noticed that we just do practical calculations, say 40-45% of your net monthly income can be dispensed as EMI without taking into account the expenditures which may come into our way during the course of our loan as it is a long-term loan. Thus by becoming more ambitious you tend to over borrow, more than you can afford. This way you are stretching yourself financially, inviting stress and anxiety. The pleasure of obtaining a beautiful home is overtaken by the pain of over committing to the mortgage. Research on lenders
Do enough research on price & features comparison sites which are unbiased, transparent and accurate. Here you will get interest rates offered across many banks & HFCs along with their features such as processing fee, pre-payment charges, and percentage of loan granted and documents required. Don’t accept offer blindly
Shop, shop & more shop...do not blindly accept the first loan offer which comes your way. Work towards getting at least one more online offer, as in an online offer everything is more transparent and straightforward which you can compare with your offline offer. During this time put your financial house in order, getting the right numbers so that making several applications is easier which will later result into a lot of savings. Disclose correct facts
It is in your interest that you disclose all information correctly in your loan application, any manoeuvring here will cost you later. Having large credit card dues and other loans will also have a significant impact on your home loan eligibility. Lenders determine your ability to take on additional EMI burden vis-ŕ-vis your current net income. Larger the burden, lower the loan eligibility amount. Hence you should disclose all the current liabilities to the lender. Read loan agreement thoroughly
Read the documents carefully as it may have some clause which will irk you later. Surely, you will find it frustrating to do so as you want to sink into the feeling of getting the mortgage, you don’t want your head to explode with so many terms & conditions, dos & don’ts. Reading through your mortgage documents will ensure that you know exactly what you’re getting. Otherwise, you might wake up one day to find yourself tied to a harsh mortgage plan that you accidentally agreed to. If there is a catch in the letter, this is the right time to bring it to your lender’s notice as goes the saying: No point crying over the split milk! Get your finances in order
In an Excel sheet feed all information regarding your finances such as income and expenditure, assets and liabilities to know what you can really afford. This will let you know your current financial status and will also give projections on your future income and liabilities. This will sort out your affordability issue as discussed earlier. The more sorted you are financially, the more better deal you will get. Take insurance cover
By taking home loan insurance cover, you are insuring your loan and your loved ones’ future too. These policies pay for the remaining loan on the death of the borrower and thus ensure that family inherits the home, not the home loan. Critical illness policy will take care of the home loan liability if your income gets interrupted due to any major illness. Right attitude
Your lender has a big role to play in getting you the loan, but you should not be overwhelmingly grateful to them for doing the job. As a borrower, you should have all the power. The crux of a successful mortgage lies in the research you do and understand the different mortgages and the housing market you are considering buying into. This is the only way to place yourself in stronger position. The author is Chief Editor, Apnapaisa. The views expressed in this article are his own |
||
|
Myths about ULIPs
A recent news report also highlighted that funds of some insurance companies actually outperformed the Nifty in the last fiscal. Mr Sharma decided to follow this advice and continued to pay the due premiums annually. As per his policy illustration, he is likely to get the corpus he requires for his daughter’s education on maturity and also has the peace of mind knowing that his daughter’s education will be financially secure, whether or not he is around. Unfortunately, a lot of investors do not follow the advice that Mr Sharma did, and discontinue the policy as soon as there is a dip in their fund value. This makes their entire investment futile and they are left with a bad experience of investing in ULIPs. While ULIPs are very transparent, it may not be inaccurate to say that they are probably the most misunderstood products in insurance. Lack of understanding of product features and charge structure often leads to confusion for investors when it comes to returns and current fund value. It is crucial that before investing in ULIPs, you understand the structure, charges and importance of staying through the policy term and reap full benefits. ULIPs are need-based products with a long term proposition. You must invest in them with a clear investment objective, for example, child education or retirement, rather than keeping just investment in mind. They are structured in a way that a policy holder derives maximum value at the end of the tenure and not in, let’s say, three or five years. Markets, by nature, are cyclical and customers should have a long-term view when investing in ULIPs and not get hassled by short-term fluctuations in the stock market and their fund value. Staying invested in ULIPs over long term will give customers good returns along with the life cover. Few myths, however, need to be busted for any prospective investor:
Therefore, if you exit you investment in 3-5 years, you end up paying more for these charges and get meagre returns.
With these facts in place, you would be able to understand the functioning of ULIP as a product in a better light and not get hassled by the concerns that people typically have regarding investing in this financial product. The author is MD & CEO, Aviva Life Insurance. The views expressed in this article are his own |
||
|
| HOME PAGE | |
Punjab | Haryana | Jammu & Kashmir |
Himachal Pradesh | Regional Briefs |
Nation | Opinions | | Business | Sports | World | Letters | Chandigarh | Ludhiana | Delhi | | Calendar | Weather | Archive | Subscribe | E-mail | |
India being a fastest growing telecom market in the world, it makes a business sense for telecom companies to set up shop here. Swipe Telecom is among the youngest telecom
companies here but it is looking at a strong future. Shripal Gandhi, CEO, Swipe Telecom, talks to Girja Shankar Kaura about the company’s plans.
Howsoever wise you may be, you are likely to make some mistakes while going in for a home loan. This article seeks to make home loan aspirants aware of the mistakes they can avoid in their journey of home buying process. 
Mr Sharma invested in a child ULIP plan to secure his daughter’s education with a sum assured of Rs 25 Lakh and an annual premium of Rs 50,000 for 10 years. However, in 3 years, after paying Rs 150,000 as premium (50,000 X 3 years), when he checked his fund value, it was Rs 120,000. When he approached the insurance company to liquidate his policy, he was reassured that his investment was safe and he would get the due returns, if he did not panic, and stayed invested for the entire policy term.
