The Election Commission’s (ECs) proposal to mandate more disclosures from political parties to explain possible ways of financing poll promises has sparked a debate – several opposition parties have slammed the move as an overreach.
The letter on poll promises comes just months after the EC told the Supreme Court that it would not want to regulate policy decisions by political parties.
Palanivel Thiagarajan, Finance Minister of Tamil Nadu said courts are there to adjudicate the law and not to say what is or what is not acceptable in the way the administration works.
“In a democracy it is very hard that you have a neutral arbiter that says which policy is populist and which is welfare. So I am shocked that such an issue is in the court because the courts are there to adjudicate the law and not to preempt the law. Courts cannot say what is or what is not acceptable in the way the administration works,” Thiagarajan said.
TS Krishnamurthy, Former Chief Election Commissioner (CEC) believes there is no conflict in the action taken by EC. He said any amendment to the model code of conduct can be done in consultation with all the political parties.
“Model code of conduct is always drawn in consultation with all the political parties. Any amendment to the model code of conduct can also be done in consultation with all the political parties,” he stated.
“So I am surprised that people are taking a stance that it reflects on the independence of the election commission. The EC is always entitled to consult the political parties in drawing or amending the model code of conduct. So I see no conflict in the action taken by EC,” Krishnamurthy added.
Electronics Mart IPO subscribed 72 times on final day
KV Prasad Jun 13, 2022, 06:35 AM IST (Published)
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Electronics Mart IPO: Potential investors could bid for Electronics Mart shares in a price band of Rs 56-59 apiece in multiples of 254 under the IPO, which concluded on Friday with an overall subscription of 71.9 times the shares on offer.
Electronics Mart’s IPO to raise up to Rs 500 crore concluded on Friday with an overall subscription of 71.9 times the shares on offer. The initial share sale of Hyderabad-based Electronics Mart — a retailer of consumer durables and electronics — was entirely a fresh issue, which means the proceeds will go to the company.
By the end of the final day of the bidding process, which began on Tuesday, the Electronics Mart IPO received bids for 449.5 crore shares as against the total 6.3 crore shares on offer, according to provisional exchange data. The IPO saw a strong response from qualified institutional buyers.
Up to 50 percent of the IPO was reserved for QIBs, 15 percent for non-institutional investors (NIIs) and 35 percent for retail investors.
Electronics Mart shares were available for bidding in a price band of Rs 56-59 apiece in multiples of 254 under the IPO, which was open for three trading days from Tuesday. This translates to Rs 14,224-14,986 for one lot of shares.
The basis of allotment for the Electronics Mart issue is likely to be finalised on October 12, following by the crediting of shares on October 14.
A number of analysts have positive views on the Electronics Mart issue.
According to Hem Securities, which recommended subscribing to the IPO, the company has a business model that provides operational flexibility to create long-term sustainable footprint, given its consistent track record of growth and industry leading profitability.
The issue was valued at a price-to-earnings multiple of 17 times its post-issue profit after tax for the year ended March 2022, the brokerage said in a research report.
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Demand for VPNs surges across the world, finds report
KV Prasad Jun 13, 2022, 06:35 AM IST (Published)
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The massive protests in Sri Lanka saw demand for VPN services jump by a whopping 17,075 percent, while the protests in Kazakhstan saw VPN demand surge by 3,405 percent. Other countries which saw a significant surge for VPN services in 2022 include Russia, Ukraine, Indonesia, Azerbaijan, and Armenia.
The world has seen an increasing demand for virtual private network (VPN) services, especially in light of governments trying to enforce internet censorship during times of unrest and warfare revealed.
The ongoing protests in Iran have resulted in a surge of VPN use in the country by 3,082 percent at its peak, found a report by Top10VPN. The protests in Iran erupted after the death of 22-year-old Mahsa Amini, who was allegedly beaten to death during her custody with Iran’s morality police for wearing her hijab too loosely.
The death galvanised thousands of protestors, including thousands of young women, into rising up against the Iranian government. While the government has attempted to crack down on the protests, even resorting to firing live ammunition into crowds, the protests have continued to spread across the country. Part of the crackdown involved shutting down internet access by restricting websites and throttling speeds.
VPNs, which in theory establish a secure connection between a user and the internet, can be used to circumvent such restrictions. As a result, daily VPN use in Iran has risen multifold as protestors use these to circumvent internet blackouts.
The researchers’ report from Top10VPN also highlights that the demand for VPN increases dramatically during times of unrest when governments institute internet blackouts.
The massive protests in Sri Lanka saw demand for VPN services jump by a whopping 17,075 percent, while the protests in Kazakhstan saw VPN demand surge by 3,405 percent. Other countries which saw a significant surge for VPN services in 2022 include Russia, Ukraine, Indonesia, Azerbaijan, and Armenia.
In 2021, Ethiopia, Zambia, Nigeria, Myanmar, Colombia, India, Germany, Bangladesh, Senegal, Hong Kong and Uganda also saw huge spikes in VPN demand in response to government-ordered internet blackouts.
While VPNs can be used to circumvent government bans on websites and internet access, countries are now bringing in laws to plug the loophole. The Indian government brought new regulations for VPN providers wherein the providers must keep records of customer names, IP addresses and other sensitive information for a period of five years and hand the information over to the government when asked, which violates many of the privacy policies that VPN providers have in place and dilute their security standards.
As a result of these new regulations, which came into effect from September 25, major VPN providers — including Surfshark, Nord VPN and ExpressVPN — have already shut shop in India.
“The law is also overreaching and so broad as to open up the window for potential abuse. We believe the damage done by potential misuse of this kind of law far outweighs any benefit that lawmakers claim would come from it. ExpressVPN refuses to participate in the Indian government’s attempts to limit internet freedom,” ExpressVPN, one of the world’s leading VPN service providers, said on its blog.
Surfshark had told CNBC-TV18 that it “proudly operates under a strict ‘no logs’ policy, so such new requirements go against the core ethos of the company.”
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The big investment call this year was on auto stocks. Stocks like Mahindra and Mahindra (M&M) and Eicher Motors have risen 30-50 percent in 2022. In fact, in the last fortnight, two big fund houses ICICI Prudential and IDFC came out with thematic mutual funds on the transportation and logistics sector. Harish Bihani, Senior Fund Manager – ICICI Prudential AMC’s discussed their new NFO on a CNBC-TV18 special show ‘Smart Money’.
For the entire show, watch the accompanying video
To watch other videos in this series, click on the Smart Money tab below.
SpiceJet deposits all TDS dues, PF money of the employees
KV Prasad Jun 13, 2022, 06:35 AM IST (Published)
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SpiceJet had been unable to pay employees’ Provident Fund (PF) or deposit their TDS dues with authorities for months due to a lack of funds.
The human resource department of SpiceJet on Friday wrote to its employees, informing them that the business had submitted all tax deducted at source (TDS) dues and paid up a significant portion of all employees’ provident fund (EPF) contributions, according to CNBC-TV18 sources.
SpiceJet had been unable to pay employees’ Provident Fund (PF) or deposit their TDS dues with authorities for months due to a lack of funds.
The airline took a significant blow after many of its planes had technical difficulties during flights. As a result, the aviation regulator DGCA directed it to operate only half of the flights in an order issued on July 27.
This agreement was originally for eight weeks, however, it was later extended to October 29.
It may be prudent for employees to keep a regular check on whether EPF is being summited to accounts regularly. Here is how you can check:
EPFO allows a subscriber to check the provident fund account balance in four ways – SMS, missed call, EPFO website, and UMANG app. Make sure you have registered on the EPFO site before using it.
SMS:
EPFO members are provided with a universal account number (UAN), which is also registered on the EPFO portal. The number is also mentioned in your salary paycheck.
You can SMS to 7738299899 by typing EPFOHO UAN ENG. If your EPFO number is 123456789000, and your preferred language is English, you can send an SMS to 7738299899 by typing EPFOHO 123456789000 ENG.
This facility can only be used only if your UAN is active and is linked with your Aadhaar, bank account, and PAN. If it is not linked with any of the above-mentioned documents, you must first complete the eKYC with UAN.
Missed call:
Registered users can also make a missed call to 011-22901406, after which you will get an SMS with details of the provident fund account balance.
Make sure your UAN is activated, and it is linked to your Aadhaar, bank account, and PAN. Also, make sure that the member’s mobile number should be registered with the UAN, as the missed call will be valid only when made from a registered number.
EPFO website:
EPFO members can check their balances by visiting the official website of the Employee’s Provident Fund Organisation by visiting: www.epfindia.gov.in
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Happy Birthday Zaheer Khan — Cricketers and fans wish Zak as he turns 44
KV Prasad Jun 13, 2022, 06:35 AM IST (Published)
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As former Indian fast bowler Zaheer Khan turns 44 today, cricket fans and his former colleagues took to Twitter to wish the bowling icon the very best on his birthday. Here are some of the best compilations of his birthday greetings.
Former Indian fast bowler Zaheer Khan celebrates his 44th birthday today. The fast bowler from Shrirampur, Maharashtra redefined fast bowling for India in the 2000s. Zaheer’s unique action, especially the hop just before sending down a delivery, caught the imagination of many cricket lovers. Zak, as Zaheer is lovingly known, has played 309 internationals for India and picked 610 wickets.
Zaheer is most fondly remembered for his form during India’s successful 2011 Cricket World Cup campaign in which he was India’s top wicket-taker and also the joint-highest wickets for the tournament along with Pakistan’s Shahid Afridi.
As the cricketer celebrates his birthday today (although there is some discrepancy regarding his birthday as Wikipedia tells it is October 7 while according to ESPNcricinfo the birthday falls on October 8), cricket fans and his former colleagues took to Twitter to wish the bowling icon the very best.
• 92 Tests, 200 ODIs, 17 T20Is. 610 international Wickets.
• Second Most Wickets For India Among Pacers.
• World Cup 2011 Winner.
Wishing you a very happy birthday @ImZaheer paji wish you all the best for your future endeavors may god bless you and your family ❤️🙏🇮🇳 pic.twitter.com/l5vJgBMEO4
🎂🎉 𝗛𝗔𝗣𝗣𝗬 𝗕𝗜𝗥𝗧𝗛𝗗𝗔𝗬, 𝗭𝗔𝗞! Here’s wishing the legendary southpaw who was the leading wicket-taker in our trophy-winning campaign at the 2011 ICC World Cup, all the best on his 4️⃣4️⃣th birthday.
Happiest Birthday @ImZaheer bhai I wish you nothing but joy and may you prosper with every passing year. Have an outstanding day brother! Loads of love🤗 pic.twitter.com/MkcdjkYPqo
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Government notifies credit guarantee scheme for startups
KV Prasad Jun 13, 2022, 06:35 AM IST (Published)
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The credit guarantee cover under the Scheme would be transaction-based and umbrella based. The exposure to individual cases would be capped at Rs 10 crore per case or the actual outstanding credit amount, whichever is less.
The Department for Promotion of Industry and Internal Trade (DPIIT), under the Union Ministry of Commerce and Industry, has issued a notification establishing the Credit Guarantee Scheme for Startups (CGSS). This aims to provide credit guarantees to loans extended by Scheduled Commercial Banks, Non-Banking Financial Companies, and Alternative Investment Funds (AIFs) registered with Securities and Exchange Board of India (SEBI).
According to a press release, CGSS will provide a credit guarantee up to a specified limit against loans extended by Member Institutions (MIs) to finance eligible borrowers — startups as defined in the Gazette Notification issued by DPIIT and amended from time to time. The credit guarantee would be transaction-based and umbrella-based. The exposure to individual cases would be capped at Rs 10 crore per case, or the actual outstanding credit amount, whichever is less.
The extent of transaction-based cover will be 80 percent of the amount in default if the original loan sanction amount is up to Rs 3 crore, 75 percent if the original loan sanction amount is above Rs 3 crore, and up to Rs 5 crore or 65 percent of the default amount if the original loan amount is above Rs 5 crore.
The umbrella-based guarantee cover will provide guarantee to Venture Debt Funds (VDF) registered under AIF regulations of SEBI (a growing segment of funding in the Indian startup ecosystem), in view of the nature of funds raised by them and debt funding provided by them.
The extent of umbrella-based cover will be the actual losses, or up to a maximum of five percent of Pooled Investment on which cover is being taken from the fund in eligible startups, whichever is lower, subject to a maximum of Rs.10 crore per borrower.
Along with institutional mechanisms for operationalising the scheme, DPIIT will also constitute a Management Committee and a Risk Evaluation Committee to review, supervise, and maintain operational oversight on the scheme.
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What is the right duration for SIP investments? WhiteOak Capital data reveals
KV Prasad Jun 13, 2022, 06:35 AM IST (Published)
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Systematic Investment Plan (SIP) is a facility offered by mutual funds to the investors to invest in a disciplined manner. Read this to know if there’s an appropriate time horizon for investing
A systematic Investment Plan (SIP) — a way of investing in mutual funds — gives a possibility of earning high returns. However, it is extremely vital to choose the duration of SIP carefully.
When talking about duration, investors often confuse SIP tenure and investment holding period. It’s vital to note here that in mutual funds, there are SIPs that have only three years of tenure, but one can extend and hold them for longer periods.
So, what should be the ideal duration for investment?
WhiteOak Capital Mutual Fund (MF) has come up with some data showing returns for the SIP periods of 3, 5, 8, 10, 12 and 15 years. These are based on S&P BSE Sensex TRI and show median return, percent times positive return, percent times more than 8 percent, 10 percent and 12 percent returns.
The result can be seen here:
These returns, as WhiteOak Capital said, are for SIPs between September 1996 to September 2020. The data shows that the longer the investment horizon, the higher the probability to get positive returns.
A longer tenure averages out the crests and troughs of the investment, while shorter tenures can give high rewards but high risks too.
Empirically also, it takes at least five years to average out the losses and market risks and the power of compounding acting in the back in terms of investing in a SIP. Hence, one should consider SIPs with a minimum investment of five years or so, experts say.
Factors to consider before investing
Before investing in a mutual fund, it is important for individuals to assess their preferences like financial goals and risk tolerance. The horizon would totally depend on what the goal is and by what time investors wish to fulfil it.
Investing via SIP is advisable for those investing in equity instruments for the first time and for those who want some financial discipline. While a lump sum investment can put the investor at risk of catching a market peak, a SIP allows them to spread investments over time and invest at different market levels.
SIP is a good way of accumulating mutual fund units periodically and over market cycles to create long-term wealth.
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Maryam Nawaz reunites with father Nawaz Sharif in London after three years on no-fly list
KV Prasad Jun 13, 2022, 06:35 AM IST (Published)
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In 2019, Maryam had surrendered her passport to the Lahore High Court to get bail in the Chaudhry Sugar Mills case. Her passport was returned just days after the Islamabad High Court set aside her conviction in the Avenfield properties case.
Former Pakistan Prime Minister Nawaz Sharif has reunited with his daughter Maryam Nawaz Sharif in London three years after authorities returned her passport following a court order. Maryam, the Pakistan Muslim League-Nawaz (PML-N) vice-president, who arrived in London on Thursday, was received by her brother Hassan Nawaz Sharif and son Junaid Safdar at the Heathrow Airport.
In 2019, Maryam had surrendered her passport to the Lahore High Court to get bail in the Chaudhry Sugar Mills case. Her passport was returned just days after the Islamabad High Court set aside her conviction in the Avenfield properties case.
Soon after arriving in London, a picture on social media showed Maryam hugging her brother. Her visit to London marks the first time since she met her brothers Hussain and Hassan three years after the passing of their mother Kulsoom Nawaz in 2019 in London.
The PML-N vice president is here for a month and is scheduled to return to Pakistan on November 6. Maryam will reportedly undergo a medical procedure during her visit and speculations are high that she and PML-N supremo Nawaz Sharif will return to Pakistan together.
Nawaz Sharif, 72, who was convicted in the Avenfield properties case and sentenced to 10 years in prison, has been in London since November 2019 after arriving in the city for a medical emergency. PML-N supporters on Thursday waited for the 48-year-old Maryam at Heathrow Airport’s arrival area but were met by arch-rival Pakistan Tehreek-e-Insaf: supporters who had gathered there to chant slogans against her.
The PML-N vice president, however, left the airport via a different exit. Hundreds of PML-N supporters lined up outside the Avenfield House awaiting their leader’s arrival.
Some played dhol while others danced and chanted ‘Teri awaz, meri awaz (your voice, my voice) Maryam Nawaz’ and ‘welcome, welcome’. One worker distributed sweets, saying we are celebrating [the arrival of] our leader.
The scene was dotted by Met police officers in high-visibility jackets as the locality has often been the site of face-offs between the PTI and PML-N supporters.
The leader, who was embraced at the entrance of the building by her brother Hussain, thanked her supporters and went inside to meet her father and other family members.
Hussain Nawaz on Wednesday told the media that he last met his sister when “she left with Mian sb for Pakistan, where upon arrival at Lahore airport she was arrested”.
He said that his family and Maryam have since then “borne the devastating losses of our mother, our grandmother, and endured those tragedies apart from each other”.
“It was heart-wrenching to see her go to jail because of Imran Khan and his government. It is painful for any brother to see his sister go through that. When she arrives, we will talk to each other and share our grief,” he said of the PTI chief who was in April this year ousted following a no-confidence motion that he blamed on US conspiracy.
Kulsoom Nawaz passed away in London in September 2018 when the former premier and Maryam were incarcerated at Adiala Jail. They were allowed to attend Kulsoom Nawaz’s final rites in Lahore on parole.
Prior to her departure for London, Maryam at the Lahore airport told the media, “I can’t wait for the moment that my plane lands and I meet my father.” A photograph of Maryam being received by her father has gone viral on social media where the father-daughter duo could be seen in an emotional mood as they embraced each other after three years.
The PML-N and Maryam shared photos on their respective Twitter handles.
The last time the PML-N leader was in London was when her mother Begum Kulsoom Nawaz was hospitalised.
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Credit card spends go down as India enters festive season — this is what consumers may be doing instead
KV Prasad Jun 13, 2022, 06:35 AM IST (Published)
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Consumers may be switching from credit cards to other modes of payments to make their discretionary purchases as India enters the festive season. Here’s what experts think,
Credit card spending in the country fell drastically just ahead of the festive season in India — a four-month-odd period typically marked with people lining up their purchases of consumer discretionary items from vehicles to appliances. Though some credit card providers are outshining the overall industry trend, could it be that people are spending just as much but switching to other modes of payment, such as cash or net banking?
Experts believe a combination of factors could be behind the decline in monthly credit card spends:
A change in RBI rules earlier this year mandating issuers to deem credit cards not in use for more than one year as inactive
The emergence of new modes of digital payments, such as buy-now-pay-later service providers
Improving savings
Improving customer awareness
RBI data released late last month showed a 3 percent sequential fall in credit card spends in India. The decline comes at the onset of the festive season in the country, at a time when lenders are optimistic about a pickup in business activity given the slowdown in the earlier pandemic years.
“Digital payments are on the rise. Many consumers in the mid- and low-income segments prefer making digital payments. The increase in digital payments is certainly at the cost of credit card and debit card payments,” Mukesh Kumar, Chairman of the Shopping Centres Association of India (SCAI), an industry body representing malls across the country, told CNBCTV18.com.
“Festive shopping is at its peak across regions. Demand during the festive seasons in 2020 and 2021 was very subdued. However, this year, it has been extremely good. This is across all categories,” he said.
The availability of easier-to-use postpaid methods could be drawing the consumer away from credit cards.
“Buy-now-pay-later makes life a lot easier. It’s convenient for you, and you can easily meet the set dates to make repayments to avoid being charged extra… This adds to the whole experience of buying monthly groceries,” said Pratibha Sharma, a Delhi-based homemaker.
The emergence of fintech and new non-banking lenders has gathered steam during the pandemic, with several companies tying up with consumer-facing apps to lure customers. A typical BNPL service allows borrowers to make purchases without having to shell out any money at the time and instead pay at a later date.
As a short-term financing service, BNPL enables customers to spread out payments for purchase without bearing any interest.
“The consumer in the post-COVID world has definitely become more judicious on the bumper spending that used to happen earlier. This is because there is a newly-found focus for the middle/upper middle class to save for a rainy day which wasn’t the case earlier,” Finny Jose K, founder and CEO of financial services platform Neofam, told CNBCTV18.com.
“Credit cards in the country are a highly misunderstood and miss-sold product… Most users simply think of it as a liability,” he said.
The RBI findings come at a time when e-commerce retailers have once again lined up discounts and special offers to cater to festive-focused demand, dominating the traditional brick-and-mortar-based shopping complexes. However, malls are seeing a rise in walk-ins given the low base because of COVID restrictions.
“Many brands have shown 25-20 percent growth in sales over 2019… Ethnic took centre stage in some parts of the country, however, it is not limited to ethnic wear. Footwear, jewellery, electronics and casual wear, and almost all categories, have seen good traction. This is expected to continue till Diwali,” said Kumar of SCAI, whose members include Citiwalk, Lulu Mall, Nirmal Lifestyle and Oberoi Mall.
Analysts are divided on the prospect of the payments space though some see a possible pickup in the coming months on the festive boost — which normally leads to higher consumer demand and the consequent higher spending.
However, some are sceptical about whether the return of consumer demand will reflect in credit card spends.
“People are unable to use credit cards even though they want to,” Suman Bannerjee, CIO at hedge fund Hedonova, told CNBCTV18.com. He is of the view that any negative impact on consumer spending at large may be due to two main reasons:
New RBI regulations on foreign purchases and recurring payments on credit cards
Higher inflation starting to affect daily lives, leading to lower spending power and smaller purchases
CLSA has an ‘underweight’ stance on the Indian payments space. It likes SBI Card’s business model but believes that the card issuer’s future is “not as rosy as the market is pricing in”.
SBI Card’s management expects credit card spending to improve in the coming months in volume terms — which means the number of transactions.
The reduction in the overall number of credit cards in August is due to the removal of inactive users, SBI Card CEO Rama Mohan Rao told CNBC-TV18. RBI data also highlighted that SBI Card fared better than the rest of the industry in August, with a 35 percent jump in credit spending.
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