All you wanted to know about teaser home loans
September 19, 2015
At a recent banking conclave, SBI chairperson Arundathi Bhattacharya wondered if banks could re-launch discounted home loans to revive the floundering property market. RBI governor Raghuram Rajan neatly fielded this by saying that it would be better if builders dropped their prices instead. India’s largest bank and the regulator have been at loggerheads over the so-called ‘teaser home loans’ ever since these products were first flagged off in 2009-10. What is it? This is the unofficial term used to describe housing loans that carry ultra-low fixed rates in the initial years, but charge market-linked rates thereafter. Normally, most Indian NBFCs and banks offer home loans at floating interest rates. The interest rate on the loan is at a ‘spread’ over
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File your tax returns on time
September 14, 2015
Get cracking. You can escape the extra 1 per cent a month interest on delayed filing August 31, the due date for filing your tax return for 2014-15, is just a week away. If you haven’t filed your return yet, it’s time to get cracking. . Here are five reasons why you should file your returns by the due date. Save on cost Filing tax returns on time can save you interest cost. If you owe money to the taxman, a late return will mean an interest payment of 1 per cent for each month of delay (part of a month is considered a full month for the calculation). Say, you owe the taxman ₹25,000 for the year ended March
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Govt orders probe into 16 cos for illegal deposits: Jaitley
August 26, 2015
The government has ordered probe against as many as 16 firms, including Saradha Housing, in the current fiscal (2015-16) for allegedly being involved in illegal deposit-taking activities, Parliament was told today. The other firms under the scanner are Ambujaatripuri and Artha groups of companies, Ultra Tie-up, Grand Vyapaar and Saphire Infradevelopers, Corporate Affairs Minister Arun Jaitley said in a written reply to the Lok Sabha. From 2012-13 till so far in 2015-16, the ministry has ordered investigation into the business activities of 145 companies, of which West Bengal accounts for the most. In many of these cases where probe has been completed, Jaitley said “diversion of funds so collected and/or default by the companies in repayment of such deposits has
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Sebi warns firms against fraudulent NCD, NPS issues
August 26, 2015
Concerned over a large number of unlisted firms fraudulently raising money from the public, the Securities and Exchange Board of India (Sebi) on Thursday warned such companies and their directors of “stringent action” and asked investors not to be lured by such schemes. The warning comes amid a continuing crackdown by Sebi against various unlisted companies that have lured retail investors by issuing securities such as non-convertible debentures/non-convertible preference shares, in the garb of private placement. The regulator said it had taken action against 112 such entities since January 2013 for issuance of non-convertible preference shares (NPS) or non-convertible debentures (NCDs) to public without complying with regulations. Such securities were issued without complying with the prescribed Companies Act and Sebi
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BSE proposes delisting over 1,000 stocks suspended for 7 years
August 10, 2015
In a major clean-up exercise, top exchange BSE has proposed delisting more than 1,000 companies from its platform as trading in their shares have remained suspended for more than seven years for various penal reasons. A proposal in this regard has been set by Asia’s oldest bourse, which today completed its 140 years of operations, to the capital markets regulator SEBI wherein BSE has stated that the shares of these companies can be suspended after giving their shareholders sufficient opportunity to exit. Sources said the regulator is fundamentally in favour of delisting those companies who have not shown any interest in getting their suspension revoked by complying with the listing agreement requirements, but it wants to ensure that the interest
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