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Suzlon Energy faces ₹260-crore penalty from Income Tax Department

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Summary

The penalty is over disallowances in assessment years 2016-17 and 2017-18. Shares of Suzlon Energy Ltd ended at ₹40.47, down by ₹1.92, or 4.98%, on the BSE.

Renewable energy solutions provider Suzlon Energy Ltd on Thursday (March 28) said it is facing a penalty of ₹260.35 crore by the National Faceless Assessment Centre of the Income Tax Department for the assessment years 2016-17 and 2017-18.

The penalty pertains to a disallowance of a claim of depreciation on goodwill, a disallowance under Section 14A, and a disallowance under Section 36(1)(va) for late payment of PF/ESI.

The company has contested the penalty orders, stating, “Based upon the judicial precedents, the company believes that the penalty proceedings should have been kept in abeyance until the conclusion of the quantum appeal against disallowances.”

Suzlon Energy highlighted that the quantum appeal against the subject disallowances is still pending before the tribunal on merits, making the penalty orders premature in their view.

In an official statement, Suzlon Energy said, “The company is in the process of challenging the subject penalty order before appellate/judicial forums and is confident of defending the penalty orders in view of the facts and merits of the case duly supported by favourable judicial precedents.”

Detailing the penalties imposed, the company said for the disallowance under Section 14A, the penalty amounted to ₹35.11 crore, for the disallowance of depreciation on goodwill under Section 32(1), it was ₹132.48 crore, and addition on account of late payment of PF/ESI under Section 36(1)(va) amounted to ₹1.14 crore, bringing the total penalty to ₹87.59 crore for AY2016-17.

For AY2017-18, the penalty for the disallowance under Section 14A was ₹16.29 crore, the disallowance of depreciation on goodwill was ₹231.83 crore, and addition on account of late payment of PF/ESI under Section 36(1)(va) stood at ₹1.47 crore, resulting in a total penalty of ₹172.76 crore.

“The company is in the process of challenging subject penalty order before appellate/judicial forums and is confident of defending the penalty orders in view of the facts and merits of the case duly supported by favourable judicial precedents,” Suzlon Energy added.

Shares of Suzlon Energy Ltd ended at ₹40.47, down by ₹1.92, or 4.98%, on the BSE.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

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index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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Explained | How RBI’s new circular on alternative fund investments may benefit banks

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Summary

RBI clarified that provisioning would now be required only to the extent of the RE’s investment in the AIF scheme, specifically for investments directed towards the debtor company.

The Reserve Bank of India (RBI) has revised its circular on regulated entities’ (RE) investments in Alternative Investment Funds (AIFs). The modifications come after feedback and representations from stakeholders regarding the initial stringent requirements set by the central bank.

The original circular, issued in December 2023, raised concerns about the potential misuse of AIF investments for loan restructuring purposes, commonly known as evergreening.

Under the initial provisions, REs were required to make 100% provisioning against their entire AIF investments, impacting their profitability.

However, following the recent revisions, the RBI clarified that provisioning would now be required only to the extent of the RE’s investment in the AIF scheme, specifically for investments directed towards the debtor company.

Additionally, the revised circular excludes investments in equity shares of the debtor company from downstream investments, providing relief to REs.

Furthermore, the RBI’s modifications exempt investments by REs in AIFs through intermediaries such as fund of funds or mutual funds from the scope of the circular.

Punit Shah, Partner, Dhruva Advisors, believes this relaxation will help the AIF as well as financial services industry, as maximum investment would be in the nature of equity investments by AIFs.

“The situation of hybrid instruments are not exempted. This would include investment in Compulsorily Convertible Preference Shares (CCPS) by the AIFs. This may not be intended as CCPS are quasi equity and not a debt instrument. There is adequate case for exempting CCPS investments as well,” Shah said.

Siddharth Shah, Partner at Khaitan & Co, added that relaxation should bring a sigh of relief both for AIFs and the banks/NBFCs.

“The carving out of equity investments from the applicability of the earlier circular should allow a large majority of venture capital funds (VCFs) and private equity (PE) funds to continue with the investments by REs as well as to go out and raise capital from REs. Secondly, limiting the provisioning to pro-rata exposure to underlying debtor company makes logical sense and should help dilute the adverse provisioning impact for REs linked to it’s entire exposure to an AIF,” he said.

Nikhil Aggarwal, Founder & CEO of Grip Invest said “The relaxation achieves SEBI’s original objective of disincentivising evergreening of loans extended by banks and NBFCs while also recognising that investments in equities, other debt investments should stand outside this purview.”

Aggarwal emphasized the importance of ensuring continued investment by banks and NBFCs in AIFs to foster a deeper market and provide access to capital to a diverse set of borrowers.

Rahul Gupta, Managing Partner & Founder of ValuAble, welcomed the recent announcement by the RBI, highlighting its positive impact on the financial landscape.

Gupta remarked, “This move allows banks to write back certain provisions, offering much-needed flexibility. However, clarifications around hybrid instruments and debt instruments are still awaited.”

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

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index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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RBI imposes monetary penalty on five co-operative banks: Here’s why

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Summary

RBI has imposed fines on cooperative banks for violating regulations. Here are the details of these five banks:

The Reserve Bank of India (RBI) has taken action against five cooperative banks for failing to adhere to regulatory guidelines. The penalised banks include Mandi Urban Co-operative Bank, Rajapalayam Co-operative Urban Bank, Excellent Co-operative Bank, Standard Urban Co-operative Bank, and Howrah District Central Co-operative Bank.

Mandi Urban Co-operative Bank has been levied a fine of ₹6 lakh for non-compliance with specific provisions of RBI directives concerning the ‘Placement of Deposits with Other Banks by Primary (Urban) Co-operative Banks (UCBs).’

The fine was imposed following a select scope inspection of the bank’s financial position as of March 31, 2022.

RBI found instances of breaching prudential inter-bank exposure limits, prompting the monetary penalty.

Similarly, Howrah District Central Co-operative Bank and Excellent Co-operative Bank have been fined ₹1 lakh each.

The former has been penalised for failing to comply with RBI’s directives on ‘Know Your Customer (KYC) Directions, 2016,’ including the periodic updation of KYC for customer accounts and the establishment of a risk categorisation system for accounts.

Excellent Co-operative Bank, based in Mumbai, Maharashtra, has been fined ₹1 lakh for contravening provisions of the Banking Regulation Act, 1949.

RBI found the bank guilty of not transferring eligible amounts to the Depositor Education and Awareness Fund, as required by law.

On the other hand, RBI has imposed a monetary penalty of ₹75,000 on Rajapalayam Co-operative Urban Bank, while Standard Urban Co-operative Bank has been fined ₹50,000.

Rajapalayam Co-operative Urban Bank was found to have extended loans to directors’ relatives and sanctioned loans to nominal members beyond prescribed limits.

Standard Urban Co-operative Bank has been penalised for failing to transfer the eligible amount to the Depositor Education and Awareness Fund within the specified time frame.

ALSO READ | RBI announces MPC schedule for FY25, first rates decision on April 5

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

 Daily Newsletter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

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today's market

index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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ICICI Securities shareholders approve delisting proposal

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Summary

The terms of the arrangement suggest that shareholders of ICICI Securities will get 67 shares of ICICI Bank against every 100 shares held.

Shares of ICICI Securities and ICICI Bank will continue to steal the limelight on Thursday (March 28) as shareholders of India’s leading broking firm approved the delisting of the company. ICICI Securities shareholders have passed the scheme of arrangement to delist ICICI Securities, following which it will become a wholly-owned subsidiary of ICICI Bank.

As per the results of the shareholder vote released today, about 72% of the shareholder votes were cast in favour of the proposal to merge ICICI Securities with ICICI Bank after a delisting process.

The terms of the arrangement suggest that shareholders of ICICI Securities will get 67 shares of ICICI Bank against every 100 shares held.

Among the public institutional shareholders, 83.8% voted in favour, while only 32% votes were in favour among the public non-institutional shareholders. However, the large institutional holdings in ICICI Securities led to the proposal being cleared.

ICICI Bank clarification

In a statement, the ICICI Bank has clarified on shareholder canvassing for ICICI Securities delisting proposal. The lender said that the approach in the outreach was to explain the proposed scheme and facilitate voting, and to not pursue repeated engagement if declined by the shareholder.

“As may be seen from the voting period dates…March 23 (Saturday), March 24 (Sunday) and March 25 (Holi), were holidays in all or substantial parts of the country. Accordingly, the outreach activity was relatively high on March 26 (Tuesday),” the bank said.

Last year, the board of ICICI Securities approved a scheme of arrangement for the delisting of its shares pursuant to which ICICI Bank will issue shares to the public shareholders of ICICI Securities in lieu of cancellation of their shares in the company, making it a wholly-owned subsidiary of ICICI Bank Limited.

In November last year, ICICI Securities received “No objection” and “No adverse observations” letters from BSE and NSE; and in January, NCLT cleared the merger.

ICICI Bank plans to merge its 75% subsidiary ICICI Securities with itself offering investors 0.67 shares of ICICI Bank for every one share in ICICI Securities. The largest public shareholder Norges Fund Investment Bank has voted in favour of the ICICI Securities delisting proposal. Quantum Mutual Fund voted against the proposal.

Quantum Mutual Fund estimates that the merger will result in a net loss of at least 6.08 crore to its unitholders. In its rationale, the fund house believes that ICICI Bank’s proposal undervalues ICICI Securities and gives ICICI Bank access to the full business of ISEC at a less than fair market price.

On Wednesday, shares of ICICI Securities ended at ₹740.55. ICICI Securities shares declined 8% in the last one month, whereas ICICI Bank shares witnessed an approximate 4% increase during the same period.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

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today's market

index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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HSBC to set up $1 billion growth fund to scale up digital platform businesses in Southeast Asia

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Summary

The London-headquartered bank is tapping into Southeast Asia’s digital economy, which it said is among the world’s fastest growing, expecting it to hit $600 billion in value by the end of the decade from $218 billion last year.

HSBC on Wednesday (March 27) said it is setting up a $1 billion growth fund called ASEAN Growth Fund that provides lending to companies that are scaling up via digital platforms across Southeast Asia.

The London-headquartered bank is tapping into Southeast Asia’s digital economy, which it said is among the world’s fastest growing, expecting it to hit $600 billion in value by the end of the decade from $218 billion last year.

”With a working population that is digitally native, increasing in size, and poised to consume more goods and services especially on e-commerce, ASEAN has so much potential for growth,” said Amanda Murphy, HSBC’s South and Southeast Asia head of commercial banking, at the launch of the fund.

Besides the $1 billion lending fund, HSBC also launched a $150 million venture debt fund dedicated to the Singapore market, to provide financing to companies in the city-state that are backed by venture capital or private equity firms.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

 Daily Newsletter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

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Oil Fluctuates as Traders Assess China’s Vow, Unrest in Libya

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today's market

index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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Visa, Mastercard reach $30 billion settlement over credit card fees

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

 Listen to the Article (6 Minutes)

Summary

According to the settlement announced, Visa and Mastercard will cap the credit interchange fees until 2030, and the companies must negotiate the fees with merchant-buying groups.

Visa and Mastercard announced a major settlement with US merchants on Tuesday (March 26), potentially ending nearly two decades of litigation over the fees charged every time a credit or debit card is used in a store or restaurant.

The deal would lower and cap the fees charged by Visa and Mastercard and allow small businesses to collectively bargain for rates with the payment processors in a similar way that the large merchants do on their own now.

Industry groups for retailers both small and large said the settlement is a positive development, but far more needs to be done to remedy the current swipe-fee situation. They noted that the lowered fees would be only for a limited period of time — three to five years — after which the fees would return to their current levels.

“While this settlement is a step in the right direction and will provide a limited amount of short-term relief to small businesses, it does not solve the long-term anti-competitive rate-setting practices that are the root of this problem,” said Jeff Brabant, vice president of federal government relations at the National Federation of Independent Business, a small-business advocacy group.

“As long as the credit card networks, Visa and Mastercard, get to set the interchange rates for every bank that issues a credit card, anti-competitive pricing will remain, and small businesses will continue to pay artificially high rates,” he said.

Swipe fees are paid to Visa, Mastercard and other credit card companies in exchange for enabling transactions. Merchants ultimately pass on those fees to consumers who use credit or debit cards. The fees are calculated as a fixed fee plus a percentage of the sales total, typically about 1% to 3%.

Increasingly, small businesses have begun posting signs near the register warning customers that they will pay more for the same item if they do not use cash.

According to the settlement announced, Visa and Mastercard will cap the credit interchange fees until 2030, and the companies must negotiate the fees with merchant-buying groups.

The law firm that announced the settlement put the value of the savings in swipe fees at close to $30 billion.

The settlement stems from a 2005 lawsuit that alleged merchants paid excessive fees to accept Visa and Mastercard credit cards, and that Visa and Mastercard and their member banks acted in violation of antitrust laws.

In 2018 Visa and Mastercard agreed to pay $6.2 billion as part of the long-running suit filed by a group of 19 merchants. But the lawsuit then had two pieces that needed to be resolved: a dispute over the rules Visa and Mastercard impose to accept their cards, and the merchants who chose not to participate in the settlement.

“This settlement is a mere drop in the bucket,” said the Retail Industry Leaders Association, a trade group representing Target, Home Depot and other major chains. “It proves that merchants deserve injunctive relief, but whether the settlement terms proposed are sufficient to remedy the harm caused by the current interchange system needs to be carefully reviewed.”

Mary Liz Curtin and her husband own two businesses, Leon & Lulu, a retail store in a converted vintage roller skating rink, and Three Cats Restaurant, a restaurant in a converted vintage movie theater, in Clawson, Michigan.

She said swipe fees have become a particular problem since the pandemic, when the use of cash plummeted. Most people use cards now, which means the roughly 3% swipe fee she pays eats up a lot more revenue than it used to.

“Like every retailer, our cash sales and check sales have plummeted because people are charging everything,” Curtin said. “And that just means that there’s a lovely slice of 3% off the top of all of your sales.”

She welcomed the settlement.

“I am delighted in anything that will ameliorate the situation,” she said. “I think this is going to help a little bit.”

But she says swipe fees remain a “boondoggle.”

Mike Roach, who co-owns Paloma Clothing with his wife in Portland, Oregon, said that once credit card mileage bonuses and other perks began to be the norm, card usage soared. He said swipe fees have been a significant cost of business — before the pandemic, he calculated that there were some years his card fees were more than his (admittedly low) rent.

He said he thinks the settlement “isn’t going to change anybody’s bottom line by much,” he said. “But it’s a step in the right direction.”

The settlement is in addition to a 2023 financial $5.54 billion settlement between Visa and Mastercard and 18 million businesses that accepted Visa or Mastercard during a 15-year period up to January 25, 2019. Eligible merchants that received a claim form in the mail in December and January can claim a share of that settlement until May 31.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

 Daily Newsletter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Previous Article

Oil Fluctuates as Traders Assess China’s Vow, Unrest in Libya

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today's market

index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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Fortis Hospitals gets income tax demand notice of ₹89.53 crore

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

 Listen to the Article (6 Minutes)

Summary

Fortis Hospitals Ltd is a subsidiary of Fortis Healthcare. Shares of Fortis Healthcare Ltd ended at ₹404.50, up by ₹3.35, or 0.84%, on the BSE.

Healthcare major Fortis Healthcare Ltd on Friday (March 22) said Fortis Hospitals Ltd, a material subsidiary of the company, has received an income tax assessment order, demanding ₹89.53 crore (including interest of ₹9.54 crore).

“This is to inform you that Fortis Hospitals Limited, a material subsidiary of the company has today received an Income tax assessment order dated March 21, 2024, wherein a demand of 89.53 crores (including interest of 9.54 crore) has been raised. The Company is evaluating the said order and will take appropriate actions in due course,” according to a stock exchange filing.

Fortis Healthcare reported a 3.9% year-on-year (YoY) increase in net profit at ₹135 crore for the third quarter that ended December 31, 2023. In the corresponding quarter last year, Fortis Healthcare posted a net profit of ₹129.6 crore.

The hospital business revenue increased 9.6% versus the corresponding previous quarter, led by a 10.6% increase in ARPOB (average revenue per operating bed) to ₹2.23 crore. ARPOB grew 10.6% to ₹2.23 crore for Q3 of FY24 from ₹2.02 crore in Q3 of FY23.

The company’s revenue from operations increased 7.7% to ₹1,679.7 crore as against ₹1,559.9 crore in the corresponding period of the preceding fiscal.

At the operating level, EBITDA grew 2.4% to ₹283 crore in the third quarter of this fiscal over ₹276.5 crore in the corresponding period in the previous fiscal. The EBITDA margin stood at 16.9% in the reporting quarter as compared to 17.7% in the corresponding period in the previous fiscal.

Shares of Fortis Healthcare Ltd ended at ₹404.50, up by ₹3.35, or 0.84% on the BSE.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

 Daily Newsletter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

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today's market

index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
Quiz
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Win WRX (WazirX token) worth Rs. 1500.
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Should Elon Musk be able to buy Twitter?

 5 Minutes Read

Exide subsidiary Chloride Metals faces ₹133-crore income tax demand for FY22-23

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

 Listen to the Article (6 Minutes)

Summary

Chloride Metals Limited (CML) is a wholly-owned material subsidiary of the battery maker. Shares of Exide Industries Ltd ended at ₹307.55, up by ₹1.75, or 0.57%, on the BSE.

Battery maker Exide Industries Ltd (EIL) on Friday, March 22, said its wholly-owned material subsidiary Chloride Metals Ltd (CML) has received an income tax assessment order for the assessment year 2022-2023 which has resulted in a tax demand of ₹133.03 crore.

“We hereby inform that Chloride Metals Limited (CML), a wholly owned material subsidiary of the company, has received an income tax assessment order for the assessment year 2022-2023 which has resulted in a tax demand of ₹133.03 crore,” the company said in a stock exchange filing.

CML is examining the order and will take appropriate steps, including filing of an appeal. There is no material impact of the order on financial, operations or other activities of the company, Exide Industries said.

Exide Industries informed that it has invested ₹110 crore by way of subscription in the equity share capital of Chloride Metals Ltd on a rights basis. With the current investment, EIL’s shareholding m CML remains unchanged at 100%, the company said.

“CML has allotted 1,27,90,698 nos. equity shares of ₹10/- each at a premium of ₹76/- per share aggregating to ₹ 1,10,00,00,028/- (Rupees One Hundred and Ten Crores and Twenty-Eight only) on rights basis to EIL,” the company added.

Shares of Exide Industries Ltd ended at ₹307.55, up by ₹1.75, or 0.57%, on the BSE.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

 Daily Newsletter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Previous Article

Oil Fluctuates as Traders Assess China’s Vow, Unrest in Libya

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Shanghai residents turn to NFTs to record COVID lockdown, combat censorship

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today's market

index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
Quiz
Powered by
Are you a Crypto Head? It’s time to prove it!
10 Questions · 5 Minutes
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Win WRX (WazirX token) worth Rs. 1500.
Question 1 of 5

What coins do you think will be valuable over next 3 years?

Answer Anonymously

Should Elon Musk be able to buy Twitter?

 5 Minutes Read

RBI offices to conduct business as usual on March 30 and 31 to assist taxpayers

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

 Listen to the Article (6 Minutes)

Summary

This decision comes as the financial year 2023-24 draws to a close, with individuals preparing for various tax-related tasks.

The Reserve Bank of India (RBI) offices dealing with government business will keep their counters open during normal working hours on March 30 and March 31, 2024. Additionally, electronic transactions will be accommodated until the stipulated time on both days.

This decision comes as the financial year 2023-24 draws to a close, with individuals preparing for various tax-related tasks.

Transactions through National Electronic Funds Transfer (NEFT) and Real Time Gross Settlement (RTGS) System will also be extended until 2400 hours on March 31, 2024.

To further facilitate government receipts and payments, special clearing operations will be conducted nationwide, with a focus on government cheques on both March 30 and March 31, 2024, RBI said.

In light of these arrangements, agency banks have been advised to present all cheques related to government accounts during these special clearing sessions.

Furthermore, RBI has instructed agency banks to keep their branches dealing with government business open on Sunday, March 31.

This decision coincides with the Income-Tax department’s announcement that it will remain operational from March 29 to March 31 to facilitate the completion of pending tax-related tasks.

This extended operational period provides relief to taxpayers who might have been concerned about the limited timeframe to address any pending tax matters, especially with March 31 falling on a Sunday and the preceding days comprising a long weekend due to Good Friday falling on March 29.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

 Daily Newsletter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Previous Article

Oil Fluctuates as Traders Assess China’s Vow, Unrest in Libya

Next Article

Shanghai residents turn to NFTs to record COVID lockdown, combat censorship

LIVE TV

today's market

index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
Quiz
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Are you a Crypto Head? It’s time to prove it!
10 Questions · 5 Minutes
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Win WRX (WazirX token) worth Rs. 1500.
Question 1 of 5

What coins do you think will be valuable over next 3 years?

Answer Anonymously

Should Elon Musk be able to buy Twitter?

 5 Minutes Read

Final surrender value rules likely in favour of life insurers, notification expected next week

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

 Listen to the Article (6 Minutes)

Summary

Surrender charges, commonly referred to as penal charges for early policy termination, have been a subject of contention.

The Insurance Regulatory and Development Authority of India (IRDAI) is expected to have approved the surrender value regulations for life insurers, sources informed CNBC-TV18. The final regulations are expected to see some favourable changes for insurers.

This development comes after consideration of concerns raised by life insurers.

The proposed regulations, which are anticipated to be notified by early next week, aim to address concerns regarding asset-liability management issues raised by life insurers.

The IRDAI’s December 2023 proposal, which served as the foundation for these regulations, initially suggested the introduction of threshold premiums and higher surrender values for endowment policies.

Surrender charges, commonly referred to as penal charges for early policy termination, have been a subject of contention.

The IRDAI is expected to release a detailed circular outlining the finalised surrender value rules, providing clarity and guidance to both insurers and policyholders.

Commenting on the same, Madhukar Ladha, Director at Nuvama Institutional Equities said: “The proposed surrender value regulations, particularly the earlier draft from December, seemed quite stringent. However, expectations suggest that the revised version may not significantly alter surrender values within the initial five years, which could be beneficial. Profits from non-linked savings products often rely on surrender value, which underscores the importance of this relief. We eagerly await the final regulations for confirmation.”

In a related development, sources have indicated that the electric insurance marketplace, formerly known as Bima Sugam, is likely to be rebranded as Rashtriya Bima Sugam Nigam Ltd.

The platform, initially scheduled for launch in January 2023, has encountered delays due to complexities involving stakeholders and technical challenges.

The platform is now slated for a June 2024 launch.

Bima Sugam, envisioned as a government-backed marketplace akin to Amazon, aims to revolutionise the insurance landscape by offering a comprehensive platform for comparing and purchasing various insurance products.

This initiative is expected to streamline the insurance buying process, providing policyholders with access to a wide array of life, health, motor, and travel insurance products from different insurers.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

 Daily Newsletter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Previous Article

Oil Fluctuates as Traders Assess China’s Vow, Unrest in Libya

Next Article

Shanghai residents turn to NFTs to record COVID lockdown, combat censorship

LIVE TV

today's market

index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
Quiz
Powered by
Are you a Crypto Head? It’s time to prove it!
10 Questions · 5 Minutes
Start Quiz Now
Win WRX (WazirX token) worth Rs. 1500.
Question 1 of 5

What coins do you think will be valuable over next 3 years?

Answer Anonymously

Should Elon Musk be able to buy Twitter?