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Accounts of individuals and entities in India opened between July 1, 2014 to August 31, 2016 will have to be self certified by the account holders or face closure by April 30, the country&#39;s Central Board of Direct Taxes said in a statement Wednesday.

The tax department has asked financial institutions&nbsp;to obtain self-certification from account holders in order to comply with the Foreign Accounts Tax Compliance Act (FATCA) provision and avoid the blocking of accounts.

The FATCA allows automatic exchange of financial information between India and the US. &nbsp;

Under the FATCA provisions, financial institutions are required to obtain self-certification and documentation or else they were required to close the accounts and report the ones found to be &quot;reportable accounts&quot; as per the prescribed due diligence procedure for a pre-existing account.

&quot;The account holders may be informed that, in case self-certifications are not provided till April 30, 2017, the accounts would be blocked, which would mean that the financial institution would prohibit the account holder from effecting any transaction with respect to such accounts,&quot; the Central Board of Direct Taxes (CBDT) said in a statement.

The CBDT also advised all financial institutions that all efforts should be made by them to obtain self-certification.&nbsp;

India had entered into an agreement with the US for the implementation of the Foreign Accounts Tax Compliance Act with effect from August 31, 2015.

Under the Income Tax rules, the financial institutions had to obtain self-certification from account holders by August 31, 2016, for all individual and entity accounts opened from July 1, 2014 to August 31, 2015.

However, in view of difficulties faced by stakeholders, the tax department indefinitely extended the deadline for complying with self-certification norms on August 31 last year.

The CBDT said in today&#39;s statement that it had received queries from&nbsp;financial institutions regarding the revised time lines for completion of due diligence.

It said if the account is blocked due to lack of self-certification, then the transactions by the account holder in such blocked accounts will be permitted once the self-certification is obtained and due diligence is completed.

(WION with inputs from PTI) 
&nbsp;

Financial institutions have to obtain self-certification for all individual and entity accounts opened between 2014 and 2015

Accounts of individuals and entities in India opened between July 1, 2014 to August 31, 2016 will have to be self certified by the account holders or face closure by April 30, the country's Central Board of Direct Taxes said in a statement Wednesday. The tax department has asked financial institutions to obtain self-certification from account holders in order to comply with the Foreign Accounts Tax Compliance Act (FATCA) provision and avoid the blocking of accounts. The FATCA allows automatic exchange of financial information between India and the US. Under the FATCA provisions, financial institutions are required to obtain self-certification and documentation or else they were required to close the accounts and report the ones found to be "reportable accounts" as per the prescribed due diligence procedure for a pre-existing account. "The account holders may be informed that, in case self-certifications are not provided till April 30, 2017, the accounts would be blocked, which would mean that the financial institution would prohibit the account holder from effecting any transaction with respect to such accounts," the Central Board of Direct Taxes (CBDT) said in a statement. The CBDT also advised all financial institutions that all efforts should be made by them to obtain self-certification. India had entered into an agreement with the US for the implementation of the Foreign Accounts Tax Compliance Act with effect from August 31, 2015. Under the Income Tax rules, the financial institutions had to obtain self-certification from account holders by August 31, 2016, for all individual and entity accounts opened from July 1, 2014 to August 31, 2015. However, in view of difficulties faced by stakeholders, the tax department indefinitely extended the deadline for complying with self-certification norms on August 31 last year. The CBDT said in today's statement that it had received queries from financial institutions regarding the revised time lines for completion of due diligence. It said if the account is blocked due to lack of self-certification, then the transactions by the account holder in such blocked accounts will be permitted once the self-certification is obtained and due diligence is completed. (WION with inputs from PTI)

India: Bank accounts not self-certified by April 30 to be blocked

For the first time in the era of the modern automobile, the most valuable US&nbsp;car maker is not based in Detroit.

Silicon Valley&#39;s Tesla Inc&nbsp;overtook General Motors on Monday to become the US&nbsp;car maker with the largest market capitalisation as the century-old automobile industry increases its reliance on software and cutting-edge energy technology.

That milestone is likely to be on the minds of Tesla Chief Executive Elon Musk and GM Chief Executive Mary Barra as they and other CEOs visit the White House on Tuesday to discuss tax reform and infrastructure with President Donald Trump.

Helped by an analyst&#39;s recommendation, Tesla rose 3.26 per cent to a record high of $312.39 on Monday. Its market value of $50.887 billion exceeded GM&#39;s by about $1 million.

Over the past month, the luxury electric car maker has surged 35 percent as investors bet that Musk will revolutionise the automobile and energy industries.

That compares to a declining share performance by GM in recent years that recently led billionaire investor David Einhorn to propose splitting the stock into two classes to help boost its price.

Tesla&#39;s market capitalisation is now equivalent to $102,000 for every car it plans to make in 2018, or $667,000 per car sold last year. By comparison, GM&#39;s market capitalisation is equivalent to $5,000 per car it sold in 2016.

The Palo Alto, California company is rushing to launch its mass-market Model 3 sedan in the second half of 2017 and quickly ramp up its factory to reach a production target of 500,000 cars per year in 2018. Last year it sold 76,230, missing its target of at least 80,000 vehicles. By comparison, GM sold 10 million cars and Ford sold 6.7 million.

With its stock down nearly 20 per cent since 2013, GM has scaled back operations outside the United States while pushing to improve its profitability. It announced in March it would sell its European operations.

Reflecting Wall Street&#39;s worries, GM&#39;s stock trades at 6 times its expected earnings, the lowest multiple among companies in the S&amp;P 500.

Proponents believe Tesla, which is not profitable, argue its stock price is justified based on long-term expectations for Tesla&#39;s growth.

They also point to opportunities from Tesla&#39;s acquisition last year of money-losing solar panel installer SolarCity and Tesla&#39;s Nevada battery cell plant aimed at driving down manufacturing costs.

Analyst Enthusiastic

After driving a Tesla for seven months, Piper Jaffray analyst Alexander Potter on Monday upgraded the stock to &quot;overweight&quot; from &quot;neutral&quot;, describing Tesla&#39;s products as &quot;captivating&quot;.

&quot;Tesla isn&#39;t just another company. More so than any stock we&#39;ve covered, Tesla engenders optimism, freedom, defiance, and a host of other emotions that, in our view, other companies cannot replicate,&quot; Potter wrote in a report.

Skeptics believe Tesla&#39;s growth targets are unrealistic and that the company risks being overtaken by GM, Ford and other deep-pocketed manufacturers ramping up their own electric vehicle offerings.

Its market capitalisation remains smaller than Japan&#39;s Toyota Motor Corp, at $173 billion.

Tesla&#39;s rich valuation has made it a target of short sellers, who so far in 2017 have suffered over $2 billion in paper losses as the stock rallied.

Jeffrey Gundlach, who oversees over $105 billion in assets at Los Angeles-based DoubleLine Capital, told Reuters last week: &quot;As a car company alone, Tesla is crazy high valuation. As a battery company - one that expands and innovates substantially - maybe the valuation can work.&quot;

(Reuters)

Tesla rose 3.26 per cent to a record high of $312.39 on Monday. Its market value of $50.887 billion exceeded GM's by about $1 million

For the first time in the era of the modern automobile, the most valuable US car maker is not based in Detroit. Silicon Valley's Tesla Inc overtook General Motors on Monday to become the US car maker with the largest market capitalisation as the century-old automobile industry increases its reliance on software and cutting-edge energy technology. That milestone is likely to be on the minds of Tesla Chief Executive Elon Musk and GM Chief Executive Mary Barra as they and other CEOs visit the White House on Tuesday to discuss tax reform and infrastructure with President Donald Trump. Helped by an analyst's recommendation, Tesla rose 3.26 per cent to a record high of $312.39 on Monday. Its market value of $50.887 billion exceeded GM's by about $1 million. Over the past month, the luxury electric car maker has surged 35 percent as investors bet that Musk will revolutionise the automobile and energy industries. That compares to a declining share performance by GM in recent years that recently led billionaire investor David Einhorn to propose splitting the stock into two classes to help boost its price. Tesla's market capitalisation is now equivalent to $102,000 for every car it plans to make in 2018, or $667,000 per car sold last year. By comparison, GM's market capitalisation is equivalent to $5,000 per car it sold in 2016. The Palo Alto, California company is rushing to launch its mass-market Model 3 sedan in the second half of 2017 and quickly ramp up its factory to reach a production target of 500,000 cars per year in 2018. Last year it sold 76,230, missing its target of at least 80,000 vehicles. By comparison, GM sold 10 million cars and Ford sold 6.7 million. With its stock down nearly 20 per cent since 2013, GM has scaled back operations outside the United States while pushing to improve its profitability. It announced in March it would sell its European operations. Reflecting Wall Street's worries, GM's stock trades at 6 times its expected earnings, the lowest multiple among companies in the S&P 500. Proponents believe Tesla, which is not profitable, argue its stock price is justified based on long-term expectations for Tesla's growth. They also point to opportunities from Tesla's acquisition last year of money-losing solar panel installer SolarCity and Tesla's Nevada battery cell plant aimed at driving down manufacturing costs. Analyst Enthusiastic After driving a Tesla for seven months, Piper Jaffray analyst Alexander Potter on Monday upgraded the stock to "overweight" from "neutral", describing Tesla's products as "captivating". "Tesla isn't just another company. More so than any stock we've covered, Tesla engenders optimism, freedom, defiance, and a host of other emotions that, in our view, other companies cannot replicate," Potter wrote in a report. Skeptics believe Tesla's growth targets are unrealistic and that the company risks being overtaken by GM, Ford and other deep-pocketed manufacturers ramping up their own electric vehicle offerings. Its market capitalisation remains smaller than Japan's Toyota Motor Corp, at $173 billion. Tesla's rich valuation has made it a target of short sellers, who so far in 2017 have suffered over $2 billion in paper losses as the stock rallied. Jeffrey Gundlach, who oversees over $105 billion in assets at Los Angeles-based DoubleLine Capital, told Reuters last week: "As a car company alone, Tesla is crazy high valuation. As a battery company - one that expands and innovates substantially - maybe the valuation can work." (Reuters)

Tesla becomes most valuable US car maker, edges out GM

Barclays has reprimanded Chief Executive Jes Staley and will cut his bonus for attempting to uncover a whistleblower&#39;s identity, the British bank said on Monday, dealing a blow to a man who has been in the role little over 15 months.

In a statement, the bank disclosed that British authorities were also investigating American Staley&#39;s attempts to identify the author of a letter that revealed &quot;concerns of a personal nature&quot; about an unnamed senior employee.

The attempt by Staley, which a legal investigation ordered by the bank found involved a US law enforcement agency, was at odds with the company&#39;s own policy. Barclays grants whistleblowers anonymity to prevent any retribution for their actions - in keeping with normal UK practice.

&quot;I have apologised to the Barclays board, and accepted its conclusion that my personal actions in this matter were errors on my part,&quot; former JPMorgan banker Staley said in a statement.

The board, which said it accepted Staley&#39;s explanation that he was trying to protect a colleague from what he believed to be an unfair attack, will back his reappointment at the annual shareholder meeting on May 10.

Nonetheless, the investigation by the Financial Conduct Authority and the Prudential Regulation Authority casts a cloud over the bank.

&quot;I am personally very disappointed and apologetic that this situation has occurred, particularly as we strive to operate to the highest possible ethical standards,&quot; Barclays Chairman John McFarlane said in the statement.

The investigation could take months to conclude, said one person familiar with the matter.

The probe into Staley&#39;s conduct comes as the latest in a series of regulatory problems for the bank, which is still dealing with investigations into employees&#39; manipulation of the Libor benchmark interest rates.

&quot;Given Barclays&#39; history of regulatory misdemeanours ... this latest revelation represents a very significant embarrassment,&quot; Gary Greenwood of Shore Capital wrote.

Barclays shares fell as much as 0.7 per cent on Monday but were trading little changed by 0945 GMT.

Honest Mistake

Barclays&#39; board first heard of Staley&#39;s attempt to identify the author of the letter in early 2017, after the issue was raised by an employee, Barclays said.

The board instructed law firm Simmons &amp; Simmons to carry out an investigation led by Gerry Grimstone, the bank&#39;s deputy chairman, and also notified the regulators.

&quot;The investigation ... found, and the board has concluded, that Mr Staley honestly, but mistakenly, believed that it was permissible to identify the author of the letter,&quot; the bank said.

The lawyers&#39; report also said that Staley had requested the bank&#39;s internal security team contact US&nbsp;enforcement officers to help identify the whistleblower, and that such assistance was received albeit without discovering the identity of the person.

The board will issue a formal written reprimand to Staley and make a &quot;very significant&quot; adjustment to his variable compensation award.

The board will also look into the position of other employees involved in the incident.

Staley, 60, has embarked on a sweeping revamp of the lender&#39;s strategy since taking over Barclays in December 2015, slashing its business in Asia and Africa in favour of a new &#39;transatlantic&#39; focus on the US&nbsp;and Britain.

A career investment banker who spent 34 years at JPMorgan, Staley is popular among staff in Barclays&#39; investment bank for bringing back some of its risk-taking swagger after the hairshirt regime of predecessor Antony Jenkins.

The attempts to uncover the whistleblower took place despite the bank&#39;s appointment of a &#39;whistleblower champion&#39; - Mike Ashley, the chairman of its Board Audit Committee.

In 2016, Ashley emailed all Barclays employees with a video spelling out the bank&#39;s policy on protecting whistleblowers, according to the lender&#39;s annual report.

The regulators are now looking at Barclays&#39; systemsand controls and culture relating to whistleblowing, the bank said.

(Reuters)

Barclays grants whistleblowers anonymity to prevent any retribution for their actions - in keeping with normal UK practice

Barclays has reprimanded Chief Executive Jes Staley and will cut his bonus for attempting to uncover a whistleblower's identity, the British bank said on Monday, dealing a blow to a man who has been in the role little over 15 months. In a statement, the bank disclosed that British authorities were also investigating American Staley's attempts to identify the author of a letter that revealed "concerns of a personal nature" about an unnamed senior employee. The attempt by Staley, which a legal investigation ordered by the bank found involved a US law enforcement agency, was at odds with the company's own policy. Barclays grants whistleblowers anonymity to prevent any retribution for their actions - in keeping with normal UK practice. "I have apologised to the Barclays board, and accepted its conclusion that my personal actions in this matter were errors on my part," former JPMorgan banker Staley said in a statement. The board, which said it accepted Staley's explanation that he was trying to protect a colleague from what he believed to be an unfair attack, will back his reappointment at the annual shareholder meeting on May 10. Nonetheless, the investigation by the Financial Conduct Authority and the Prudential Regulation Authority casts a cloud over the bank. "I am personally very disappointed and apologetic that this situation has occurred, particularly as we strive to operate to the highest possible ethical standards," Barclays Chairman John McFarlane said in the statement. The investigation could take months to conclude, said one person familiar with the matter. The probe into Staley's conduct comes as the latest in a series of regulatory problems for the bank, which is still dealing with investigations into employees' manipulation of the Libor benchmark interest rates. "Given Barclays' history of regulatory misdemeanours ... this latest revelation represents a very significant embarrassment," Gary Greenwood of Shore Capital wrote. Barclays shares fell as much as 0.7 per cent on Monday but were trading little changed by 0945 GMT. Honest Mistake Barclays' board first heard of Staley's attempt to identify the author of the letter in early 2017, after the issue was raised by an employee, Barclays said. The board instructed law firm Simmons & Simmons to carry out an investigation led by Gerry Grimstone, the bank's deputy chairman, and also notified the regulators. "The investigation ... found, and the board has concluded, that Mr Staley honestly, but mistakenly, believed that it was permissible to identify the author of the letter," the bank said. The lawyers' report also said that Staley had requested the bank's internal security team contact US enforcement officers to help identify the whistleblower, and that such assistance was received albeit without discovering the identity of the person. The board will issue a formal written reprimand to Staley and make a "very significant" adjustment to his variable compensation award. The board will also look into the position of other employees involved in the incident. Staley, 60, has embarked on a sweeping revamp of the lender's strategy since taking over Barclays in December 2015, slashing its business in Asia and Africa in favour of a new 'transatlantic' focus on the US and Britain. A career investment banker who spent 34 years at JPMorgan, Staley is popular among staff in Barclays' investment bank for bringing back some of its risk-taking swagger after the hairshirt regime of predecessor Antony Jenkins. The attempts to uncover the whistleblower took place despite the bank's appointment of a 'whistleblower champion' - Mike Ashley, the chairman of its Board Audit Committee. In 2016, Ashley emailed all Barclays employees with a video spelling out the bank's policy on protecting whistleblowers, according to the lender's annual report. The regulators are now looking at Barclays' systemsand controls and culture relating to whistleblowing, the bank said. (Reuters)

Barclays to cut CEO's bonus for uncovering identity of whistleblower

China will offer the Trump administration better market access for financial sector investments and US&nbsp;beef exports to help avert a trade war, the Financial Times reported on Sunday, citing officials familiar with the matter.

China is prepared to raise the investment ceiling in the Bilateral Investment treaty and is also willing to end the ban on US&nbsp;beef imports, the newspaper also reported.

&quot;China was prepared to (raise the investment ceilings) in the BIT but those negotiations were put on hold (after Trump&#39;s election victory),&quot; the Financial Times also reported citing a Chinese official involved in the talks.

US&nbsp;Commerce Secretary Wilbur Ross said on Friday that President Donald Trump and Chinese President Xi Jinping have agreed to a new 100-day plan for trade talks on Friday.

The US&nbsp;trade department was not immediately available for comment while the China&#39;s ministry of commerce could not be reached for comment.

(Reuters)

China is prepared to raise the investment ceiling in the Bilateral Investment treaty, and is also willing to end the ban on US beef imports

China will offer the Trump administration better market access for financial sector investments and US beef exports to help avert a trade war, the Financial Times reported on Sunday, citing officials familiar with the matter. China is prepared to raise the investment ceiling in the Bilateral Investment treaty and is also willing to end the ban on US beef imports, the newspaper also reported. "China was prepared to (raise the investment ceilings) in the BIT but those negotiations were put on hold (after Trump's election victory)," the Financial Times also reported citing a Chinese official involved in the talks. US Commerce Secretary Wilbur Ross said on Friday that President Donald Trump and Chinese President Xi Jinping have agreed to a new 100-day plan for trade talks on Friday. The US trade department was not immediately available for comment while the China's ministry of commerce could not be reached for comment. (Reuters)

China offers concessions to avert trade war with US: Financial Times

Oil prices soared by around $1 per barrel on Friday after the United States launched dozens of cruise missiles at an airbase in Syria.

U.S President Donald Trump said he had ordered missile strikes against a Syrian airfield from which a deadly chemical weapons attack was launched earlier this week, declaring he acted in America&#39;s &quot;national security interest&quot; against Syrian President Bashar al-Assad.

After tepid trading before the news, Brent crude futures, the international benchmark for oil, jumped by around $1 per barrel, or almost 2 percent, to $55.78 per barrel by 0237 GMT.

U.S. West Texas Intermediate (WTI) crude futures also climbed around $1 per barrel, or almost 2 percent, to $52.64 a barrel.

It was the highest level for both benchmarks since early March.

The strikes rattled global markets. While oil prices surged as traders priced in what has in the past been called a Middle East risk premium, and safe-haven products like gold jumped, stock markets and the U.S. dollar slumped.

U.S. officials said the military had fired dozens of cruise missiles against the airbase, controlled by Assad&#39;s forces, in response to a poison gas attack on Tuesday in a rebel-held area.

The Pentagon said it had informed Russia ahead of the strikes, and that it did not target sections of the base in Syria where Russian forces were believed to be present.&nbsp;

(Reuters)

Oil prices soared by around $1 per barrel

Oil prices soared by around $1 per barrel on Friday after the United States launched dozens of cruise missiles at an airbase in Syria. U.S President Donald Trump said he had ordered missile strikes against a Syrian airfield from which a deadly chemical weapons attack was launched earlier this week, declaring he acted in America's "national security interest" against Syrian President Bashar al-Assad. After tepid trading before the news, Brent crude futures, the international benchmark for oil, jumped by around $1 per barrel, or almost 2 percent, to $55.78 per barrel by 0237 GMT. U.S. West Texas Intermediate (WTI) crude futures also climbed around $1 per barrel, or almost 2 percent, to $52.64 a barrel. It was the highest level for both benchmarks since early March. The strikes rattled global markets. While oil prices surged as traders priced in what has in the past been called a Middle East risk premium, and safe-haven products like gold jumped, stock markets and the U.S. dollar slumped. U.S. officials said the military had fired dozens of cruise missiles against the airbase, controlled by Assad's forces, in response to a poison gas attack on Tuesday in a rebel-held area. The Pentagon said it had informed Russia ahead of the strikes, and that it did not target sections of the base in Syria where Russian forces were believed to be present. (Reuters)

Oil prices jump after US launches missile strike against Syria

The Reserve Bank of India kept its repo rate at 6.25 per cent for a third consecutive policy meeting on Thursday as it continues to guard against any potential flare-up in inflation and an uncertain global economic environment.

RBI has projected inflation at 4.5 per cent for first half of&nbsp;2017-18 and 5 per cent for the second half of the year. &quot;Upside risk to inflation arises from one-off effect of&nbsp;Goods and Services Tax,&quot;&nbsp;RBI chief Urjit Patel, RBI governor said at a press conference.&nbsp;

Several indicators point to modest improvement in&nbsp;micro-economic outlook,&nbsp;RBI&nbsp;governor added.

The central bank has projected&nbsp;GDP growth at 7.4 per cent for the current&nbsp;fiscal, up from 6.7 per cent in 2016-17.&nbsp;Urjit Patel said risk is evenly balanced around inflation trajectory with&nbsp;upside&nbsp;risk from uncertainty about monsoon. 
 
(WION with agency&nbsp;inputs)

The Reserve Bank of India kept its repo rate unchanged for a third consecutive policy meeting

The Reserve Bank of India kept its repo rate at 6.25 per cent for a third consecutive policy meeting on Thursday as it continues to guard against any potential flare-up in inflation and an uncertain global economic environment. RBI has projected inflation at 4.5 per cent for first half of 2017-18 and 5 per cent for the second half of the year. "Upside risk to inflation arises from one-off effect of Goods and Services Tax," RBI chief Urjit Patel, RBI governor said at a press conference. Several indicators point to modest improvement in micro-economic outlook, RBI governor added. The central bank has projected GDP growth at 7.4 per cent for the current fiscal, up from 6.7 per cent in 2016-17. Urjit Patel said risk is evenly balanced around inflation trajectory with upside risk from uncertainty about monsoon. (WION with agency inputs)

India's central bank keeps repo rate on hold at 6.25%, projects inflation at 5%

Apple was Thursday taken to court by Australia&#39;s consumer watchdog for violating laws by allegedly refusing to look at or repair some iPads and iPhones previously serviced by a third party.

The tech giant &quot;made false, misleading, or deceptive representations about consumers&#39; rights under the Australian Consumer Law,&quot; the Australian Competition and Consumer Commission (ACCC) charged.

The proceedings, against Apple Pty Limited and its US-based parent Apple Inc, were brought on behalf of 275 consumers.&nbsp;

Under Australian law, each breach can attract a fine of up to Aus$1.1 million (US$830 million), although it is up to the court to determine the size of the penalty.

The case followed an ACCC investigation into reports users who had an error that disabled their iPads or iPhones after updating their operating systems were &quot;routinely refused&quot; by Apple to have their devices looked at or serviced.

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These customers previously had their devices serviced by a third-party, &quot;even where that repair was unrelated to the fault&quot;, the government body said.

&quot;Consumer guarantee rights under the Australian Consumer Law exist independently of any manufacturer&#39;s warranty and are not extinguished simply because a consumer has goods repaired by a third party,&quot; ACCC chairman Rod Sims said in a statement.

&quot;Denying a consumer their consumer guarantee rights simply because they had chosen a third-party repairer not only impacts those consumers.

&quot;(It) can dissuade other customers from making informed choices about their repair options including where they may be offered at lower cost than the manufacturer.&quot;

Apple in Australia had no immediate response.

Sims said companies must remember that consumer rights extended to software or software updates on goods they sell.

&quot;Faults with software or software updates may entitle consumers to a free remedy under the Australian Consumer Law,&quot; he said, adding that the ACCC was seeking remedies including financial penalties.

It is not the first time Apple has fallen foul of the ACCC.

In 2013, it worked with the watchdog over a court-enforceable undertaking after alleged &quot;misleading representations&quot; to customers that it did not need to refund, replace or repair some products even though required to under Australian law.

The country's consumer watchdog said it had refused to repair phones serviced by a third party

Apple was Thursday taken to court by Australia's consumer watchdog for violating laws by allegedly refusing to look at or repair some iPads and iPhones previously serviced by a third party. The tech giant "made false, misleading, or deceptive representations about consumers' rights under the Australian Consumer Law," the Australian Competition and Consumer Commission (ACCC) charged. The proceedings, against Apple Pty Limited and its US-based parent Apple Inc, were brought on behalf of 275 consumers. Under Australian law, each breach can attract a fine of up to Aus$1.1 million (US$830 million), although it is up to the court to determine the size of the penalty. The case followed an ACCC investigation into reports users who had an error that disabled their iPads or iPhones after updating their operating systems were "routinely refused" by Apple to have their devices looked at or serviced. Under Australian law, each breach can attract a fine of up to Aus$1.1 million (US$830 million), although it is up to the court to determine the size of the penalty × These customers previously had their devices serviced by a third-party, "even where that repair was unrelated to the fault", the government body said. "Consumer guarantee rights under the Australian Consumer Law exist independently of any manufacturer's warranty and are not extinguished simply because a consumer has goods repaired by a third party," ACCC chairman Rod Sims said in a statement. "Denying a consumer their consumer guarantee rights simply because they had chosen a third-party repairer not only impacts those consumers. "(It) can dissuade other customers from making informed choices about their repair options including where they may be offered at lower cost than the manufacturer." Apple in Australia had no immediate response. Sims said companies must remember that consumer rights extended to software or software updates on goods they sell. "Faults with software or software updates may entitle consumers to a free remedy under the Australian Consumer Law," he said, adding that the ACCC was seeking remedies including financial penalties. It is not the first time Apple has fallen foul of the ACCC. In 2013, it worked with the watchdog over a court-enforceable undertaking after alleged "misleading representations" to customers that it did not need to refund, replace or repair some products even though required to under Australian law.

Australia takes Apple to court

Iran&#39;s oil minister dismissed India&#39;s decision to cut oil imports from Tehran in 2017/18 by a fifth as a threat on Wednesday, in an escalation of a dispute over a giant gas field contract.

Sources familiar with the matter told Reuters last week that Indian state refiners were going to cut oil imports from Iran, as New Delhi seeks to put pressure on Tehran to award the Farzad B gas field to an Indian consortium.

&quot;India is one of our good costumers, but we cannot sign a&nbsp;contract under threat,&quot; Bijan Zanganeh was quoted as saying by Iran&#39;s ISNA news agency.

&quot;India&#39;s cut of oil imports from Iran will not cause any trouble to us as we have other buyers,&quot; he added.

Zanganeh said despite an extension of deadlines, India has not offered an acceptable proposal for the development of the gas field.

&quot;Their proposal was not profitable to Iran ... We sent (the) Indians a letter and told them we are keen to continue negotiations, but under sensible conditions, not under threats.&quot;

India, Iran&#39;s biggest oil buyer after China, was among a handful of countries that continued to deal with the Tehran despite Western sanctions over its nuclear programme.

A consortium headed by ONGC Videsh Ltd (OVL), the overseas investment arm of Indian explorer Oil and Natural Gas Corp, discovered Farzad B in the Farsi offshore block in 2008.

The consortium, which also includes Oil India and Indian Oil Corp, could not obtain permission to develop the field due to Western sanctions, but those sanctions were removed last year.

India and Iran had both been hopeful of wrapping up the Farzad B deal by March, although Zanganeh said Iran has asked other countries to submit their proposals for its development.

(Reuters)

Iran's oil minister said despite extension of deadlines, India has not offered an acceptable proposal for the development of the gas field

Iran's oil minister dismissed India's decision to cut oil imports from Tehran in 2017/18 by a fifth as a threat on Wednesday, in an escalation of a dispute over a giant gas field contract. Sources familiar with the matter told Reuters last week that Indian state refiners were going to cut oil imports from Iran, as New Delhi seeks to put pressure on Tehran to award the Farzad B gas field to an Indian consortium. "India is one of our good costumers, but we cannot sign a contract under threat," Bijan Zanganeh was quoted as saying by Iran's ISNA news agency. "India's cut of oil imports from Iran will not cause any trouble to us as we have other buyers," he added. Zanganeh said despite an extension of deadlines, India has not offered an acceptable proposal for the development of the gas field. "Their proposal was not profitable to Iran ... We sent (the) Indians a letter and told them we are keen to continue negotiations, but under sensible conditions, not under threats." India, Iran's biggest oil buyer after China, was among a handful of countries that continued to deal with the Tehran despite Western sanctions over its nuclear programme. A consortium headed by ONGC Videsh Ltd (OVL), the overseas investment arm of Indian explorer Oil and Natural Gas Corp, discovered Farzad B in the Farsi offshore block in 2008. The consortium, which also includes Oil India and Indian Oil Corp, could not obtain permission to develop the field due to Western sanctions, but those sanctions were removed last year. India and Iran had both been hopeful of wrapping up the Farzad B deal by March, although Zanganeh said Iran has asked other countries to submit their proposals for its development. (Reuters)

India tussles with Iran over Farzad B gas field

Indian shares traded flat on Wednesday, paring gains after the NSE Nifty hit a record high at the open, as investors took a breather ahead of the central bank policy meet due this week.

The monetary policy committee of the Reserve Bank of India (RBI) is likely to leave the repo rate at 6.25 per cent, where it has been since October, a Reuters poll found.

However, investors are expecting the RBI to announce measures to drain the 4 trillion rupees that have accumulated in the banking system in March, double as compared with January.

&quot;The market is moving slightly ahead of time, so it is taking a small breather. One might see some profit-booking as well,&quot; said Deven Choksey, managing director, K R Choksey Investment Managers.

The broader Nifty was up 0.17 per cent at 9,253.30, as of 0617 GMT, after earlier hitting an all-time high of 9,264.95.

The benchmark BSE Sensex was 0.12 per cent higher at 29,946.83. It went as high as 30,007.48, just 17.26 points shy of its record peak of 30,024.74 touched on March 4, 2015.

Housing Development Finance Corp dropped as much as 2.25 per cent.&nbsp;

Among gainers, Shankara Building Products Ltd surged as much as 37 per cent on its market debut, with its up to 3.45 billion rupees ($52.96 million) IPO oversubscribed more than 41 times.

Shares of Titan Company Ltd hit a record high after it said consumer sentiment has recovered in January-March quarter and sales were good for all divisions.

TVS Motor Company rose as much as 2.72 per cent to a record high after posting a 10 per cent increase in total vehicle sales for March 2017.&nbsp;

Indian stock, bonds and currency markets were closed on Tuesday for a market holiday.

(Reuters)

Investors are expecting the RBI to announce measures to drain the 4 trillion rupees that have accumulated in the banking system in March

Indian shares traded flat on Wednesday, paring gains after the NSE Nifty hit a record high at the open, as investors took a breather ahead of the central bank policy meet due this week. The monetary policy committee of the Reserve Bank of India (RBI) is likely to leave the repo rate at 6.25 per cent, where it has been since October, a Reuters poll found. However, investors are expecting the RBI to announce measures to drain the 4 trillion rupees that have accumulated in the banking system in March, double as compared with January. "The market is moving slightly ahead of time, so it is taking a small breather. One might see some profit-booking as well," said Deven Choksey, managing director, K R Choksey Investment Managers. The broader Nifty was up 0.17 per cent at 9,253.30, as of 0617 GMT, after earlier hitting an all-time high of 9,264.95. The benchmark BSE Sensex was 0.12 per cent higher at 29,946.83. It went as high as 30,007.48, just 17.26 points shy of its record peak of 30,024.74 touched on March 4, 2015. Housing Development Finance Corp dropped as much as 2.25 per cent. Among gainers, Shankara Building Products Ltd surged as much as 37 per cent on its market debut, with its up to 3.45 billion rupees ($52.96 million) IPO oversubscribed more than 41 times. Shares of Titan Company Ltd hit a record high after it said consumer sentiment has recovered in January-March quarter and sales were good for all divisions. TVS Motor Company rose as much as 2.72 per cent to a record high after posting a 10 per cent increase in total vehicle sales for March 2017. Indian stock, bonds and currency markets were closed on Tuesday for a market holiday. (Reuters)

Before RBI policy review, markets take cautious approach

Indian shares clocked a record closing high on Wednesday helped by a rally in auto and realty stocks, while investors awaited a central bank policy meet due this week.

The Nifty ended 0.30 per cent higher at 9,265.15. Earlier in the day, the index hit 9273.9, its highest ever.

The benchmark Sensex closed up 0.21 per cent at 29,974.24 after breaching the 30,000 mark earlier in the session for the first time since March 4, 2015.

&nbsp;

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BSE Sensex closed higher by 64 points, or 0.21%, to 29,974, while the Nifty 50 rose 27 points, or 0.30%, to 9,265 (WION)
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(Reuters)

The benchmark Sensex closed up 0.21% at 29,974.24 after breaching the 30,000 mark

Indian shares clocked a record closing high on Wednesday helped by a rally in auto and realty stocks, while investors awaited a central bank policy meet due this week. The Nifty ended 0.30 per cent higher at 9,265.15. Earlier in the day, the index hit 9273.9, its highest ever. The benchmark Sensex closed up 0.21 per cent at 29,974.24 after breaching the 30,000 mark earlier in the session for the first time since March 4, 2015. BSE Sensex closed higher by 64 points, or 0.21%, to 29,974, while the Nifty 50 rose 27 points, or 0.30%, to 9,265 (WION) × (Reuters)

India's Sensex breaches 30k mark, first time in 2 years

BSE Sensex closed higher by 64 points, or 0.21%, to 29,974, while the Nifty 50 rose 27 points, or 0.30%, to 9,265

Sensex touches crucial 30000 mark (WION Wallet)

Tesla on Monday became the second-largest US car maker in terms of market capitalisation, displacing Ford, whose sales lagged amid concerns about the ability of the US market to keep growing.

Many major auto makers reported US sales declines in March compared to a year ago, but Tesla over the weekend said it saw a huge jump in vehicles delivered to consumers in the first three months of the year.&nbsp;

That was enough to send the electric car maker&#39;s stock soaring Monday, even as investors punished major car brands for reporting lower-than-expected March sales.&nbsp;

Tesla said it delivered 25,000 of its high-tech vehicles in the January-March period -- a 69 per cent surge compared to the first three months of 2016 -- indicating it was on its way to meeting its goal of 50,000 vehicle deliveries by mid-2017.&nbsp;

Late last year, the company reported its first quarterly profit in more than three years, but then slipped back into unprofitability in the following quarter.&nbsp;

Investors still rewarded the company on Monday, with stock movements reshuffling the hierarchy among US carmakers. Tesla Motors overtook Ford for the number two spot and closed the gap with GM, the biggest US automaker by market capitalisation.&nbsp;

At market close, Tesla was up 7.3 per cent to $298.52 for a market capitalisation of $48.63 billion.

Ford, which at one point was down as much as three per cent, had a market capitalisation of $45.47 billion. At its low, GM fell 4.4 per cent, but maintained a market capitalization above $50.9 billion.

Tesla founder and CEO Elon Musk marked the occasion on Twitter with a dig at short sellers, investors who bet that a company&#39;s stock will decline.&nbsp;

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Stormy weather in Shortville ...
&mdash; Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/848935705057280001">April 3, 2017</a></blockquote>
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&quot;Stormy weather in Shortville,&quot; Musk wrote.&nbsp;

&nbsp;

Major brands struggle

For the industry as a whole, it may indeed be stormy weather. &nbsp;Car companies failed to meet forecasts of an overall March sales increase, which fell instead industry-wide by 1.6 per cent, according to an estimate by the tracking firm Autodata.&nbsp;The seasonally-adjusted annual rate for US vehicle sales fell to 16.62 million units, versus 16.67 million units a year ago, Autodata reported.&nbsp;

Despite the bad news, there were bright spots among established auto makers.&nbsp;GM saw sales gain 1.6 per cent, helped by Americans&#39; strong demand for light trucks and sport utility vehicles, as well as bigger discounts. Nissan sales also rose, up 3.2 per cent compared to March 2016, helped by its popular Rogue compact SUV.&nbsp;

But the news was not good for many other big players.&nbsp;Ford reported that sales fell a worse-than-expected 7.2 per cent, while Toyota sales dropped 2.1 per cent, compared to the same period last year.&nbsp;

FCA US, the American arm of Fiat Chrysler, continued to struggle, reporting a five per cent decline last month, while in the first three months of the year, sales were down eight per cent.&nbsp;Record Honda truck and SUV sales could not help the Japanese car maker notch an overall increase last month, as sales slipped 0.7 per cent, when accounting for declines at its Acura luxury brand.&nbsp;

In an earlier forecast note, Edmunds analyst Jessica Caldwell struck a cautionary tone for the industry, saying there were several areas of concern.&nbsp;

&quot;Inventories have reached levels not seen in more than a decade, and incentives are rising,&quot; Caldwell said, referring to discounts and other enticements offered to consumers.

&quot;We&#39;re also seeing an increase in loan terms and indications of a rise in subprime lending, which demonstrate sales aren&#39;t coming as easily as they used to,&quot; she said.&nbsp;

But while Toyota echoed that cautionary tone, pointing to a declining selling rate, GM remained optimistic. &nbsp;&quot;More people are working, consumer confidence is at a 16-year high, fuel prices are low,&quot; Kurt McNeil, head of GM&#39;s US sales, said in a statement. &quot;We see more growth ahead for our brands,&quot; McNeil said.&nbsp;

(AFP)

Elon Musk's company has now overtaken Ford, and it's narrowing in on General Motors

Tesla on Monday became the second-largest US car maker in terms of market capitalisation, displacing Ford, whose sales lagged amid concerns about the ability of the US market to keep growing. Many major auto makers reported US sales declines in March compared to a year ago, but Tesla over the weekend said it saw a huge jump in vehicles delivered to consumers in the first three months of the year. That was enough to send the electric car maker's stock soaring Monday, even as investors punished major car brands for reporting lower-than-expected March sales. Tesla said it delivered 25,000 of its high-tech vehicles in the January-March period -- a 69 per cent surge compared to the first three months of 2016 -- indicating it was on its way to meeting its goal of 50,000 vehicle deliveries by mid-2017. Late last year, the company reported its first quarterly profit in more than three years, but then slipped back into unprofitability in the following quarter. Investors still rewarded the company on Monday, with stock movements reshuffling the hierarchy among US carmakers. Tesla Motors overtook Ford for the number two spot and closed the gap with GM, the biggest US automaker by market capitalisation. At market close, Tesla was up 7.3 per cent to $298.52 for a market capitalisation of $48.63 billion. Ford, which at one point was down as much as three per cent, had a market capitalisation of $45.47 billion. At its low, GM fell 4.4 per cent, but maintained a market capitalization above $50.9 billion. Tesla founder and CEO Elon Musk marked the occasion on Twitter with a dig at short sellers, investors who bet that a company's stock will decline. Stormy weather in Shortville ... — Elon Musk (@elonmusk) April 3, 2017 × "Stormy weather in Shortville," Musk wrote. Major brands struggle For the industry as a whole, it may indeed be stormy weather. Car companies failed to meet forecasts of an overall March sales increase, which fell instead industry-wide by 1.6 per cent, according to an estimate by the tracking firm Autodata. The seasonally-adjusted annual rate for US vehicle sales fell to 16.62 million units, versus 16.67 million units a year ago, Autodata reported. Despite the bad news, there were bright spots among established auto makers. GM saw sales gain 1.6 per cent, helped by Americans' strong demand for light trucks and sport utility vehicles, as well as bigger discounts. Nissan sales also rose, up 3.2 per cent compared to March 2016, helped by its popular Rogue compact SUV. But the news was not good for many other big players. Ford reported that sales fell a worse-than-expected 7.2 per cent, while Toyota sales dropped 2.1 per cent, compared to the same period last year. FCA US, the American arm of Fiat Chrysler, continued to struggle, reporting a five per cent decline last month, while in the first three months of the year, sales were down eight per cent. Record Honda truck and SUV sales could not help the Japanese car maker notch an overall increase last month, as sales slipped 0.7 per cent, when accounting for declines at its Acura luxury brand. In an earlier forecast note, Edmunds analyst Jessica Caldwell struck a cautionary tone for the industry, saying there were several areas of concern. "Inventories have reached levels not seen in more than a decade, and incentives are rising," Caldwell said, referring to discounts and other enticements offered to consumers. "We're also seeing an increase in loan terms and indications of a rise in subprime lending, which demonstrate sales aren't coming as easily as they used to," she said. But while Toyota echoed that cautionary tone, pointing to a declining selling rate, GM remained optimistic. "More people are working, consumer confidence is at a 16-year high, fuel prices are low," Kurt McNeil, head of GM's US sales, said in a statement. "We see more growth ahead for our brands," McNeil said. (AFP)

Tesla now second largest US automaker

Instant messaging app WhatsApp, owned by Facebook Inc, is mulling a foray into digital payment services in India, its first such offering globally, and has advertised to hire a digital transactions lead in the country.

A WhatsApp move into digital payments in India, its biggest market that is home to 200 million of its billion plus global users, would replicate similar moves by messaging apps like Tencent Holdings Ltd&#39;s WeChat in China.

WhatsApp is working to launch person-to-person payments in India in the next six months, news website The Ken reported earlier on Tuesday, citing unnamed sources.

A job advertisement on WhatsApp&#39;s website said it was looking for a candidate with a technical and financial background - who understands India&#39;s Unified Payments Interface (UPI) and the BHIM payments app that enable money transfers and merchant payments using mobile numbers - to be its digital transactions lead for the country. (http://bit.ly/2oTyOnn)

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&quot;India is an important country for WhatsApp, and we&#39;re understanding how we can contribute more to the vision of Digital India,&quot; a WhatsApp spokesman said, referring to a flagship government programme that aims to boost the use of Internet-based services in the country.

&quot;We&#39;re exploring how we might work with companies that share this vision and continuing to listen closely to feedback from our users,&quot; the spokesman said, declining to elaborate further.

Digital transactions in India have surged after Prime Minister Narendra Modi&#39;s shock ban of certain high-value bank notes in November that accounted for more than 80 percent of the country&#39;s currency in circulation at the time.

In February, WhatsApp&#39;s co-founder, Brian Acton, had told local media that the app was in early stages of investigating digital payments in the country and that he had talked to the Indian government about the matter.

Just last week, Swedish communications app Truecaller, which has a large user base in India, started a mobile payment service in the country based on the UPI platform.

(Reuters)

India is its biggest market with 200 million of its billion-plus users worldwide

Instant messaging app WhatsApp, owned by Facebook Inc, is mulling a foray into digital payment services in India, its first such offering globally, and has advertised to hire a digital transactions lead in the country. A WhatsApp move into digital payments in India, its biggest market that is home to 200 million of its billion plus global users, would replicate similar moves by messaging apps like Tencent Holdings Ltd's WeChat in China. WhatsApp is working to launch person-to-person payments in India in the next six months, news website The Ken reported earlier on Tuesday, citing unnamed sources. A job advertisement on WhatsApp's website said it was looking for a candidate with a technical and financial background - who understands India's Unified Payments Interface (UPI) and the BHIM payments app that enable money transfers and merchant payments using mobile numbers - to be its digital transactions lead for the country. (http://bit.ly/2oTyOnn) WhatsApp is working to launch person-to-person payments in India in the next six months, news website The Ken reported earlier on Tuesday, citing unnamed sources × "India is an important country for WhatsApp, and we're understanding how we can contribute more to the vision of Digital India," a WhatsApp spokesman said, referring to a flagship government programme that aims to boost the use of Internet-based services in the country. "We're exploring how we might work with companies that share this vision and continuing to listen closely to feedback from our users," the spokesman said, declining to elaborate further. Digital transactions in India have surged after Prime Minister Narendra Modi's shock ban of certain high-value bank notes in November that accounted for more than 80 percent of the country's currency in circulation at the time. In February, WhatsApp's co-founder, Brian Acton, had told local media that the app was in early stages of investigating digital payments in the country and that he had talked to the Indian government about the matter. Just last week, Swedish communications app Truecaller, which has a large user base in India, started a mobile payment service in the country based on the UPI platform. (Reuters)

WhatsApp mulls foray into digital payments service with India launch

The markets closed with Sensex 100 points away from the 30,000 mark whereas the Nifty closed above 9200 for the first time

Indian markets close on a high

The Reserve Bank of India has pulled surprises at its last three policy meetings, so another can&#39;t be ruled out at Thursday&#39;s review, but analysts uniformly expect no change in interest rates.

All 60 economists polled by Reuters predict the RBI&#39;s six-member monetary policy committee (MPC) will leave the repo rate at 6.25 per cent, where it has been since October.

Investors will scrutinise the statement for the MPC&#39;s views on consumer inflation after prices advanced 3.65 percent in February from a year earlier, not far below the RBI&#39;s target of 4 percent.

A session whose results match expectations would be a break for investors after the RBI stunned markets in each of the three meetings so far where decisions were made by the MPC, instead of by the governor.

In October, the MPC unexpectedly cut rates and then it held them in December when markets were betting on an easing move.

In February, the committee again surprised by holding rates and switching to a &quot;neutral&quot; stance from &quot;accommodative&quot; - a move that made bond yields spike. All decisions were taken by a unanimous 6-0 vote, adding to the surprise.

On Thursday, &quot;we expect the MPC to maintain its neutral stance, with caution being the watchword on external factors,&quot; said A. Prasanna, an economist at ICICI Securities Primary Dealership.

Split on inflation

Though analysts agree rates will be held on Thursday, they are split on inflation and its implications for later: 21 of 34 economists predict stable prices should allow the RBI to cut rates this year.

But others fear food prices will spike should the country see below-average rains during the monsoon season in the middle of the year, ensuring rates stay on hold through 2017.

The RBI is also likely to say it continues to monitor global markets as the U.S. Federal Reserve&#39;s tightening gives pause to central banks around the world, while dealing at home with a surge in cash at banks after the country&#39;s ban on some banknotes last year led to a surge in deposits.

To justify a rate cut this year, the RBI would likely need more comfort on consumer prices, either through a slump in food costs or an easing of core inflation, which has stayed at around 5 percent for several months.

The RBI also needs to reduce the around 4 trillion rupees ($61.59 billion) accumulated in the banking system in March, doubling from the January.

The government, mindful of the impact on inflation, has already indicated it is considering acting with the RBI in implementing a special facility to drain the extra liquidity.

Meanwhile, the RBI will likely tread carefully at a time most central banks in Asia are keeping their key rates on hold.

India appears in good stead after attracting $8.85 billion in investment into debt and equities in March - the most since at least 2002 - sending the broader NSE share index to a record high and the rupee to a nearly 1-1/2 year high.

But the RBI has long worried about any sudden reversals of foreign flows, further making a change in rates unlikely on Thursday, analysts said.&nbsp;

(Reuters)

The bank is expected to leave the repo rate at 6.25 per cent, where it has been since October

The Reserve Bank of India has pulled surprises at its last three policy meetings, so another can't be ruled out at Thursday's review, but analysts uniformly expect no change in interest rates. All 60 economists polled by Reuters predict the RBI's six-member monetary policy committee (MPC) will leave the repo rate at 6.25 per cent, where it has been since October. Investors will scrutinise the statement for the MPC's views on consumer inflation after prices advanced 3.65 percent in February from a year earlier, not far below the RBI's target of 4 percent. A session whose results match expectations would be a break for investors after the RBI stunned markets in each of the three meetings so far where decisions were made by the MPC, instead of by the governor. In October, the MPC unexpectedly cut rates and then it held them in December when markets were betting on an easing move. In February, the committee again surprised by holding rates and switching to a "neutral" stance from "accommodative" - a move that made bond yields spike. All decisions were taken by a unanimous 6-0 vote, adding to the surprise. On Thursday, "we expect the MPC to maintain its neutral stance, with caution being the watchword on external factors," said A. Prasanna, an economist at ICICI Securities Primary Dealership. Split on inflation Though analysts agree rates will be held on Thursday, they are split on inflation and its implications for later: 21 of 34 economists predict stable prices should allow the RBI to cut rates this year. But others fear food prices will spike should the country see below-average rains during the monsoon season in the middle of the year, ensuring rates stay on hold through 2017. The RBI is also likely to say it continues to monitor global markets as the U.S. Federal Reserve's tightening gives pause to central banks around the world, while dealing at home with a surge in cash at banks after the country's ban on some banknotes last year led to a surge in deposits. To justify a rate cut this year, the RBI would likely need more comfort on consumer prices, either through a slump in food costs or an easing of core inflation, which has stayed at around 5 percent for several months. The RBI also needs to reduce the around 4 trillion rupees ($61.59 billion) accumulated in the banking system in March, doubling from the January. The government, mindful of the impact on inflation, has already indicated it is considering acting with the RBI in implementing a special facility to drain the extra liquidity. Meanwhile, the RBI will likely tread carefully at a time most central banks in Asia are keeping their key rates on hold. India appears in good stead after attracting $8.85 billion in investment into debt and equities in March - the most since at least 2002 - sending the broader NSE share index to a record high and the rupee to a nearly 1-1/2 year high. But the RBI has long worried about any sudden reversals of foreign flows, further making a change in rates unlikely on Thursday, analysts said. (Reuters)

RBI seen holding rates at Thursday review, not pulling another surprise

UK-based online money transfer firm Azimo is turning the process of sending remittances on its head by allowing mobile phone and computer users to send cash to any mobile phone number via text message, leaving it up to the recipient to claim the money.

The new feature, which was introduced on Tuesday, eliminates the need for senders to remember the account details or bank IBAN numbers in order to transfer money to recipients, a stumbling block that has complicated existing money transfers.

Indian mobile ecommerce site Paytm also operates a similar feature. Paytm is owned by One97 Communications and has proved to be hugely popular since the country&#39;s government demonitized all old 500 ($7.70) and 1000 rupee banknotes in November.

Azimo, a UK-regulated firm, allows phone or computer users in 28 Eurozone countries to transfer money to around 190 countries. It is mainly used by immigrants to send money home to relatives in emerging markets in Central and Eastern Europe, West Africa, South Asia, the Philippines and Latin America.

Azimo&rsquo;s &quot;request&quot;&nbsp;function brings recipients into the process for the first time and is made possible by the recent proliferation of smartphones in emerging markets, something not possible when the London-based company launched in 2012.

&quot;People on the receiving end in emerging markets now have smartphones, so they can be in charge. They can have more control in requesting the cash, receiving the cash,&quot; Michael Kent, the company&#39;s co-founder and chief executive, told Reuters in a phone interview.

&quot;This is built for the way customers on both sides of a remittance work today.&quot;

Azimo users can choose one of their phone contacts to send money. Recipients receive a text message with a link to download the Azimo app and claim the money. They can then link the app to a financial account or go to a local kiosk to claim their money.

The company also is introducing the money request feature in the United States and Canada and will roll the service out across globally in the course of the year. Azimo says it has more than 1 million senders and receivers using its apps.

It competes with other online remittance firms including WorldRemit and CurrencyFair, as well as kiosk-base money transfer giants such as Western Union and MoneyGram, which also now offer online money transfers services.

The market has heated up in recent years as US&nbsp;web-based payments player PayPal acquired remittance app Xoom and Ant Financial, an affiliate of Chinese ecommerce giant Alibaba has sought to buy MoneyGram, but faces US&nbsp;regulatory challenges over national security concerns.

Azimo has raised around $47 million (38 million pounds) in venture funding over the past five years. Kent said the company was fully funded until at least 2018.

(1 British pound = $1.2462)

($1 = 64.9600 Indian rupees)

(Reuters)

Azimo users choose a phone contact to send money to. Recipients download the app then pick up the cash at a kiosk, or link it to an account

UK-based online money transfer firm Azimo is turning the process of sending remittances on its head by allowing mobile phone and computer users to send cash to any mobile phone number via text message, leaving it up to the recipient to claim the money. The new feature, which was introduced on Tuesday, eliminates the need for senders to remember the account details or bank IBAN numbers in order to transfer money to recipients, a stumbling block that has complicated existing money transfers. Indian mobile ecommerce site Paytm also operates a similar feature. Paytm is owned by One97 Communications and has proved to be hugely popular since the country's government demonitized all old 500 ($7.70) and 1000 rupee banknotes in November. Azimo, a UK-regulated firm, allows phone or computer users in 28 Eurozone countries to transfer money to around 190 countries. It is mainly used by immigrants to send money home to relatives in emerging markets in Central and Eastern Europe, West Africa, South Asia, the Philippines and Latin America. Azimo’s "request" function brings recipients into the process for the first time and is made possible by the recent proliferation of smartphones in emerging markets, something not possible when the London-based company launched in 2012. "People on the receiving end in emerging markets now have smartphones, so they can be in charge. They can have more control in requesting the cash, receiving the cash," Michael Kent, the company's co-founder and chief executive, told Reuters in a phone interview. "This is built for the way customers on both sides of a remittance work today." Azimo users can choose one of their phone contacts to send money. Recipients receive a text message with a link to download the Azimo app and claim the money. They can then link the app to a financial account or go to a local kiosk to claim their money. The company also is introducing the money request feature in the United States and Canada and will roll the service out across globally in the course of the year. Azimo says it has more than 1 million senders and receivers using its apps. It competes with other online remittance firms including WorldRemit and CurrencyFair, as well as kiosk-base money transfer giants such as Western Union and MoneyGram, which also now offer online money transfers services. The market has heated up in recent years as US web-based payments player PayPal acquired remittance app Xoom and Ant Financial, an affiliate of Chinese ecommerce giant Alibaba has sought to buy MoneyGram, but faces US regulatory challenges over national security concerns. Azimo has raised around $47 million (38 million pounds) in venture funding over the past five years. Kent said the company was fully funded until at least 2018. (1 British pound = $1.2462) ($1 = 64.9600 Indian rupees) (Reuters)

Need cash? Azimo lets recipients sort out money transfer headaches

Activity in India&#39;s manufacturing sector expanded at the fastest pace in five months in March as output and new orders accelerated, according to a private survey that also showed price pressures eased.

The Nikkei Manufacturing Purchasing Managers&#39; Index, compiled by IHS Markit, rose to 52.5 in March, from 50.7 in February, the third month in a row that is has been above the 50 mark that separates growth from contraction.

Output and new orders sub-indexes rose to their highest since October 2016, suggesting the world&#39;s fastest growing major economy has largely recovered from Prime Minister Narendra Modi&#39;s shock decision in November to ban high-value currency notes.

The move caused huge disruptions to daily life and businesses in the largely cash-based economy.

The survey also showed encouraging signs on the inflation front, which has come squarely back on the central bank&#39;s radar in recent months.

&quot;The favorable demand environment was supported by relatively muted inflationary pressures. Given that input costs rose at a softer pace, a whopping 96 percent of goods producers kept their selling prices unchanged over the month,&quot; said His Markit economist Pollyanna De Lima.

Input prices rose at a slower pace compared to February, and there was a corresponding slowdown in the pace of output price rises as well, which likely helped increase demand.

The new orders index rose to a 5-month high of 53.6 from 51.3 the previous month.

Indian inflation picked up pace in February to 3.65 percent, after slowing in the previous month to 3.17 percent, its lowest in at least five years, but it was still below the central bank&#39;s 4 percent target.

The Reserve Bank of India shifted its stance to neutral from accommodative and kept the policy repo rate unchanged at 6.25 percent in its February meeting, opting to wait for more clarity on inflation trends and the impact of demonetization.

Economic growth for the October-December quarter came in at 7.0 percent, a bit slower than the 7.4 percent in the previous quarter but much faster than the 6.4 percent expansion forecast by economists in a Reuters poll, many of whom had expected a sharper hit from the cash crunch.

India&#39;s lower house of parliament on Wednesday passed key legislations paving the way for implementation of a nationwide goods and services tax (GST) from July, which is expected to spur economic growth by 1 to 2 percentage points.

Most manufacturing and services items will be taxed at standard rates of 12 percent and 18 percent under the four-slab GST structure.

(Reuters)

The Nikkei Manufacturing PMI rose to 52.5 in March, from 50.7 in February

Activity in India's manufacturing sector expanded at the fastest pace in five months in March as output and new orders accelerated, according to a private survey that also showed price pressures eased. The Nikkei Manufacturing Purchasing Managers' Index, compiled by IHS Markit, rose to 52.5 in March, from 50.7 in February, the third month in a row that is has been above the 50 mark that separates growth from contraction. Output and new orders sub-indexes rose to their highest since October 2016, suggesting the world's fastest growing major economy has largely recovered from Prime Minister Narendra Modi's shock decision in November to ban high-value currency notes. The move caused huge disruptions to daily life and businesses in the largely cash-based economy. The survey also showed encouraging signs on the inflation front, which has come squarely back on the central bank's radar in recent months. "The favorable demand environment was supported by relatively muted inflationary pressures. Given that input costs rose at a softer pace, a whopping 96 percent of goods producers kept their selling prices unchanged over the month," said His Markit economist Pollyanna De Lima. Input prices rose at a slower pace compared to February, and there was a corresponding slowdown in the pace of output price rises as well, which likely helped increase demand. The new orders index rose to a 5-month high of 53.6 from 51.3 the previous month. Indian inflation picked up pace in February to 3.65 percent, after slowing in the previous month to 3.17 percent, its lowest in at least five years, but it was still below the central bank's 4 percent target. The Reserve Bank of India shifted its stance to neutral from accommodative and kept the policy repo rate unchanged at 6.25 percent in its February meeting, opting to wait for more clarity on inflation trends and the impact of demonetization. Economic growth for the October-December quarter came in at 7.0 percent, a bit slower than the 7.4 percent in the previous quarter but much faster than the 6.4 percent expansion forecast by economists in a Reuters poll, many of whom had expected a sharper hit from the cash crunch. India's lower house of parliament on Wednesday passed key legislations paving the way for implementation of a nationwide goods and services tax (GST) from July, which is expected to spur economic growth by 1 to 2 percentage points. Most manufacturing and services items will be taxed at standard rates of 12 percent and 18 percent under the four-slab GST structure. (Reuters)

India manufacturing hits five-month high

Infosys Monday&nbsp;vehemently defended the hike in its COO UB Pravin Rao&#39;s compensation, saying the revision was arrived at after benchmarking against peers.

It said the revision, as rolled out for several of its senior leadership team, is &quot;focused on making Infosys more competitive and is benchmarked against peers&quot; and is critical to retaining key talent.

Barely two months after a face-off between founders and management on issues such as CEO salary hike and severance package to former employees, a fresh row has erupted between the two sides, this time over Rao&#39;s compensation. Co-founder and former chairman N R Narayana Murthy had yesterday criticised the hike in COO compensation, calling it &quot;grossly unfair&quot; for a majority of Infosys employees who get 6-8 per cent annual hike.

Infosys, in a statement issued today, said it views Murthy&#39;s statement as &quot;important feedback&quot; and will continue to work with all stakeholders to ensure long-term interest of the company.

It justified the over 33 per cent rise in Rao&#39;s compensation, saying Infosys had undertaken a comprehensive survey of best practices and benchmarked senior management compensation with key Indian and global companies.

Infosys said the cash component has decreased by 10.6 per cent to Rs 4.6 crore from Rs 5.2 crore and it is only the performance-based portion that has been raised to 63 per cent from 45 per cent of the total compensation.

&quot;Given the four-year vesting period of stock, the net increase in Pravin Rao&#39;s compensation for 2017-18 will be 1.4 per cent. 
&nbsp; 
This could go up to 33.4 per cent in year four, assuming similar grants are made in subsequent years based on company and individual performance,&quot; it explained.

Defending the decision, Infosys CEO Vishal Sikka said: &quot;Pravin&#39;s commitment and contribution to the company have been immense, and his partnership over the past about three&nbsp;years has been critical to the successes and growth of our company.&quot;

He added that the decision &quot;aligns the long-term interests of our leadership team with that of our shareholders&quot;.

Infosys contended that the proposal was placed before the shareholders and the recommendations have been approved by 67 per cent of the company&#39;s shareholders in a postal ballot.

Interestingly, only 24 per cent of the promoters had voted in favour of the resolution while the rest, including Murthy, abstained.

&quot;The Infosys board would like to state that it acknowledges the sentiment of shareholders who have not voted in favour of the resolution, and has also taken careful note of the statements expressed by the company&#39;s promoters,&quot; it said. 
 
(PTI) 
&nbsp;

Co-founder Narayana Murthy had criticised the hike in COO compensation, calling it grossly unfair for a majority of employees

Infosys Monday vehemently defended the hike in its COO UB Pravin Rao's compensation, saying the revision was arrived at after benchmarking against peers. It said the revision, as rolled out for several of its senior leadership team, is "focused on making Infosys more competitive and is benchmarked against peers" and is critical to retaining key talent. Barely two months after a face-off between founders and management on issues such as CEO salary hike and severance package to former employees, a fresh row has erupted between the two sides, this time over Rao's compensation. Co-founder and former chairman N R Narayana Murthy had yesterday criticised the hike in COO compensation, calling it "grossly unfair" for a majority of Infosys employees who get 6-8 per cent annual hike. Infosys, in a statement issued today, said it views Murthy's statement as "important feedback" and will continue to work with all stakeholders to ensure long-term interest of the company. It justified the over 33 per cent rise in Rao's compensation, saying Infosys had undertaken a comprehensive survey of best practices and benchmarked senior management compensation with key Indian and global companies. Infosys said the cash component has decreased by 10.6 per cent to Rs 4.6 crore from Rs 5.2 crore and it is only the performance-based portion that has been raised to 63 per cent from 45 per cent of the total compensation. "Given the four-year vesting period of stock, the net increase in Pravin Rao's compensation for 2017-18 will be 1.4 per cent. This could go up to 33.4 per cent in year four, assuming similar grants are made in subsequent years based on company and individual performance," it explained. Defending the decision, Infosys CEO Vishal Sikka said: "Pravin's commitment and contribution to the company have been immense, and his partnership over the past about three years has been critical to the successes and growth of our company." He added that the decision "aligns the long-term interests of our leadership team with that of our shareholders". Infosys contended that the proposal was placed before the shareholders and the recommendations have been approved by 67 per cent of the company's shareholders in a postal ballot. Interestingly, only 24 per cent of the promoters had voted in favour of the resolution while the rest, including Murthy, abstained. "The Infosys board would like to state that it acknowledges the sentiment of shareholders who have not voted in favour of the resolution, and has also taken careful note of the statements expressed by the company's promoters," it said. (PTI)

Infosys justifies COO salary hike, says effective rise only 1.4%

Emerging markets face newer challenges in the form of inward looking policies of protectionism and increased geopolitical tension, Finance Minister Arun Jaitley said today as he pegged India&#39;s GDP growth at 7.7 per cent in 2018.

Speaking at the second annual meeting of the New Development Bank (NDB) here, Jaitley said global growth is moving upwards and is expected to improve further in 2017-18.

&quot;Indian economy is expected to grow at 7.2 per cent in 2017 and at the rate of 7.7 per cent in 2018,&quot; he said.

Jaitley said emerging market economies (EMEs) face newer challenges in the form of inward looking policies of protectionism of some economies, global financial condition, policies of the United States and increased geopolitical tension.

He said India has sought USD 2 billion loans for various projects from the NDB, which is set up by the emerging nations India, China, Brazil, Russia and South Africa.

&quot;India has huge unmet infrastructure funding needs..&nbsp;&nbsp; &nbsp;.USD 646 billion is required in next 5 years (for financing infrastructure),&quot; Jaitley said.

He said growth in emerging and developing countries is picking up and news from economies of BRICS countries is &quot;encouraging&quot;.

&quot;I hope that NDB will emerge as a development bank and help in funding of emerging economies,&quot; Jaitley added.

(PTI)

Jaitley was speaking at the second annual meeting of the New Development Bank (NDB)

Emerging markets face newer challenges in the form of inward looking policies of protectionism and increased geopolitical tension, Finance Minister Arun Jaitley said today as he pegged India's GDP growth at 7.7 per cent in 2018. Speaking at the second annual meeting of the New Development Bank (NDB) here, Jaitley said global growth is moving upwards and is expected to improve further in 2017-18. "Indian economy is expected to grow at 7.2 per cent in 2017 and at the rate of 7.7 per cent in 2018," he said. Jaitley said emerging market economies (EMEs) face newer challenges in the form of inward looking policies of protectionism of some economies, global financial condition, policies of the United States and increased geopolitical tension. He said India has sought USD 2 billion loans for various projects from the NDB, which is set up by the emerging nations India, China, Brazil, Russia and South Africa. "India has huge unmet infrastructure funding needs.. .USD 646 billion is required in next 5 years (for financing infrastructure)," Jaitley said. He said growth in emerging and developing countries is picking up and news from economies of BRICS countries is "encouraging". "I hope that NDB will emerge as a development bank and help in funding of emerging economies," Jaitley added. (PTI)

India's economy to grow at 7.2% in 2017: Arun Jaitley

The Nifty ended steady on Friday as investors booked profits, but posted its third consecutive monthly gain as well as the best quarter in almost three years.

The Nifty advanced 3.3 per cent this month after hitting a record high of 9,218.40 on March 17. For the quarter it rose 12.1 per cent, its best showing since April-June 2014.

On Friday, the Nifty ended flat at 9,173.75, while the benchmark Sensex fell 0.09 per cent to 29,620.50. Both indexes gained 0.7 per cent for the week.

(Reuters)

The Nifty advanced 3.3 per cent this month after hitting a record high of 9,218.40 on March 17

The Nifty ended steady on Friday as investors booked profits, but posted its third consecutive monthly gain as well as the best quarter in almost three years. The Nifty advanced 3.3 per cent this month after hitting a record high of 9,218.40 on March 17. For the quarter it rose 12.1 per cent, its best showing since April-June 2014. On Friday, the Nifty ended flat at 9,173.75, while the benchmark Sensex fell 0.09 per cent to 29,620.50. Both indexes gained 0.7 per cent for the week. (Reuters)

Indian shares end flat; Nifty posts best quarter in almost three years

Indian state refiners will cut oil imports from Iran in 2017/18 by a fifth, as New Delhi takes a more assertive stance over an impasse on a giant gas field that it wants awarded to an Indian consortium, sources familiar with the matter said.

India, Iran&#39;s biggest oil buyer after China, was among a handful of countries that continued to deal with the Persian Gulf nation despite Western sanctions over Tehran&#39;s nuclear programme.

However, previously close ties have been strained since the lifting of some sanctions last year as Iran adopts a bolder approach in trying to get the best deal for its oil and gas.

Unhappy with Tehran, the Modi government in India&nbsp;has asked state refiners to cut imports of Iranian oil.

&quot;We are cutting gradually, and we will cut more if there is no progress in the matter of the award of Farzad B gas field to our company,&quot; Indian sources told Reuters.

Indian refiners told a National Iranian Oil Co (NIOC) representative about their plans to cut oil imports by a fifth to 190,000 barrels per day (bpd) from 240,000 bpd, officials present at the meeting said.

Indian Oil Corp and Mangalore Refinery and Petrochemicals Corp will reduce imports by 20,000 bpd each to about 80,000 bpd. Bharat Petroleum Corp and Hindustan Petroleum Corp will together cut imports by about 10,000 bpd to roughly 30,000 bpd, sources said.

In turn, NIOC threatened to cut the discount it offers to Indian buyers on freight from 80 per cent to about 60 per cent, the officials added.&nbsp;No comment was available from the Indian companies or NIOC.

Cutting imports from Iran amid an OPEC-led supply cut aimed at propping up the market exposes India&#39;s refiners to the risk of struggling to find reasonably priced alternatives.

&quot;We expect that the market is currently undersupplied and that the draws in inventory are coming,&quot; US investment bank Jefferies said in a note to clients this week, adding it expected crude prices of around $60 a barrel by the fourth quarter.

Despite this, Indian oil industrials said they saw no major impact from cutting Iranian imports, mainly due to their specific requirements.

&quot;Their main requirement is lighter oil, and light oil will remain in oversupply despite OPEC cuts, as OPEC cuts are mainly medium heavy sour,&quot; said Ehsan ul Haq of KBC Energy Economics.&nbsp;Prices of light crude have fallen recently, thanks largely to soaring output in the United States, which is not involved in the production cuts led by the Organization of the Petroleum Exporting Countries.

From April last year to February 2017, India imported 542,400 bpd from Iran, compared to 225,522 bpd a year earlier. Average oil volumes supplied by Iran over this period were the highest on record.&nbsp;At the heart of the spat is that a group of Indian oil companies headed by Oil and Natural Gas Corp wants to develop Iran&#39;s Farzad B gas field.

Iran has yet to hand out a concession that would allow its development.

ONGC Videsh has submitted a $3 billion development plan to Iranian authorities to develop the offshore field estimated to hold reserves of 12.5 trillion cubic feet, with a lifetime of 30 years.&nbsp;Under sanctions, Iran was banned from the global financial system, preventing the field&#39;s development.

India was one of a few countries still supplying Iran with goods, devising a complex payment mechanism to help Tehran access non-sanctioned items including medicines.&nbsp;As new options have opened up for Tehran since the lifting of sanctions, Iran may now be awaiting better bids for Farzad B.

&quot;They (Tehran) are playing hardball ... We don&#39;t see any forward movement on that (Farzad B)... So we have reduced (crude) imports,&quot; the Indian official said.

(Reuters)

The Modi government has taken an assertive stance over an impasse on a giant gas field that it wants awarded to an Indian consortium

Indian state refiners will cut oil imports from Iran in 2017/18 by a fifth, as New Delhi takes a more assertive stance over an impasse on a giant gas field that it wants awarded to an Indian consortium, sources familiar with the matter said. India, Iran's biggest oil buyer after China, was among a handful of countries that continued to deal with the Persian Gulf nation despite Western sanctions over Tehran's nuclear programme. However, previously close ties have been strained since the lifting of some sanctions last year as Iran adopts a bolder approach in trying to get the best deal for its oil and gas. Unhappy with Tehran, the Modi government in India has asked state refiners to cut imports of Iranian oil. "We are cutting gradually, and we will cut more if there is no progress in the matter of the award of Farzad B gas field to our company," Indian sources told Reuters. Indian refiners told a National Iranian Oil Co (NIOC) representative about their plans to cut oil imports by a fifth to 190,000 barrels per day (bpd) from 240,000 bpd, officials present at the meeting said. Indian Oil Corp and Mangalore Refinery and Petrochemicals Corp will reduce imports by 20,000 bpd each to about 80,000 bpd. Bharat Petroleum Corp and Hindustan Petroleum Corp will together cut imports by about 10,000 bpd to roughly 30,000 bpd, sources said. In turn, NIOC threatened to cut the discount it offers to Indian buyers on freight from 80 per cent to about 60 per cent, the officials added. No comment was available from the Indian companies or NIOC. Cutting imports from Iran amid an OPEC-led supply cut aimed at propping up the market exposes India's refiners to the risk of struggling to find reasonably priced alternatives. "We expect that the market is currently undersupplied and that the draws in inventory are coming," US investment bank Jefferies said in a note to clients this week, adding it expected crude prices of around $60 a barrel by the fourth quarter. Despite this, Indian oil industrials said they saw no major impact from cutting Iranian imports, mainly due to their specific requirements. "Their main requirement is lighter oil, and light oil will remain in oversupply despite OPEC cuts, as OPEC cuts are mainly medium heavy sour," said Ehsan ul Haq of KBC Energy Economics. Prices of light crude have fallen recently, thanks largely to soaring output in the United States, which is not involved in the production cuts led by the Organization of the Petroleum Exporting Countries. From April last year to February 2017, India imported 542,400 bpd from Iran, compared to 225,522 bpd a year earlier. Average oil volumes supplied by Iran over this period were the highest on record. At the heart of the spat is that a group of Indian oil companies headed by Oil and Natural Gas Corp wants to develop Iran's Farzad B gas field. Iran has yet to hand out a concession that would allow its development. ONGC Videsh has submitted a $3 billion development plan to Iranian authorities to develop the offshore field estimated to hold reserves of 12.5 trillion cubic feet, with a lifetime of 30 years. Under sanctions, Iran was banned from the global financial system, preventing the field's development. India was one of a few countries still supplying Iran with goods, devising a complex payment mechanism to help Tehran access non-sanctioned items including medicines. As new options have opened up for Tehran since the lifting of sanctions, Iran may now be awaiting better bids for Farzad B. "They (Tehran) are playing hardball ... We don't see any forward movement on that (Farzad B)... So we have reduced (crude) imports," the Indian official said. (Reuters)

India may cut Iranian oil purchases in row over gas field

The finance minister has announced that the GST bill will come into effect on the 1st of July this year. How will this change affect the consumers in India?

GST's impact on consumer goods

Union Finance Minister Arun Jaitley on Monday tabled the Central Goods and Services Tax (GST) Bill 2017 in the Lok Sabha.

Looking forward to a consensus on GST Bill, Union Parliamentary Affairs Minister Ananth Kumar earlier in the day expressed hope that the above legislation is passed in the ongoing Budget Session of Parliament.

Kumar told the media here that all parties have been consulted on the GST.

&quot;Hope everyone will support the government on it. The government is committed to ensure the passage of GST in the ongoing Budget Session,&quot; he added.

The GST Council and Union Cabinet have already given their nod to the Central GST, Integrated GST, Union Territory GST and Compensation Bill.Along with these four bills, amendments to the Excise and Customs Act to abolish various cess as well as furnishing bills for exports and imports under the new GST regime will be placed before the Parliament.

The Business Advisory Committee of the Lok Sabha is likely to meet on Monday to decide on the duration of discussion on the Bills. States cabinet too will need to approve the State GST and then need the same to be passed by respective state assemblies to roll out the new tax regime.&nbsp;

(ANI)

Parliamentary affairs minister Ananth Kumar told reporters that all parties had been consulted on the bill

Union Finance Minister Arun Jaitley on Monday tabled the Central Goods and Services Tax (GST) Bill 2017 in the Lok Sabha. Looking forward to a consensus on GST Bill, Union Parliamentary Affairs Minister Ananth Kumar earlier in the day expressed hope that the above legislation is passed in the ongoing Budget Session of Parliament. Kumar told the media here that all parties have been consulted on the GST. "Hope everyone will support the government on it. The government is committed to ensure the passage of GST in the ongoing Budget Session," he added. The GST Council and Union Cabinet have already given their nod to the Central GST, Integrated GST, Union Territory GST and Compensation Bill.Along with these four bills, amendments to the Excise and Customs Act to abolish various cess as well as furnishing bills for exports and imports under the new GST regime will be placed before the Parliament. The Business Advisory Committee of the Lok Sabha is likely to meet on Monday to decide on the duration of discussion on the Bills. States cabinet too will need to approve the State GST and then need the same to be passed by respective state assemblies to roll out the new tax regime. (ANI)

GST bill tabled in Parliament by finance minister Arun Jaitley

The Indian Parliament passed the 122nd Constitutional Amendment Bill, ushering in the regime of goods and services tax (GST) in the country. This tax regime seeks to introduce a uniform rate of taxation for all goods and services that are being bought and sold in India. It is supposed to be designed in such a way that, irrespective of the location of the point of sale for any particular goods or services, the buyer will be&nbsp;paying the tax at the same rate.&nbsp;

Currently, the picture is just the opposite. Different kinds of state and local taxes make the rate of taxes vary across regions. Often locally produced goods enjoy favourable tax treatment compared to goods brought from other states. The proposed GST regime is supposed to wither away that kind of differential treatment. Therefore, no doubt, passing of this bill marks a milestone in India&#39;s fiscal history.&nbsp;

The concept of value-added tax (VAT), also known as the GST, was first floated in 1918 by a German industrialist Wilhelm von Siemens. However, it was first implemented as a comprehensive tax regime in France in 1954. Great Britain and Australia introduced the VAT in the 1970s. Canada introduced it in 1991. All countries in the Organisation for Economic Cooperation and Development (OECD) and in the European Union have imposed VAT on money spent by people for consumption purposes. Now almost 160 countries have embraced VAT/GST as the preferred mode of consumption tax. The latest one to board the bandwagon is Malaysia who introduced the GST in 2015. India is expected to join them from April 1, 2017. However, the USA has not shown much enthusiasm to join the league yet.

In the theoretical economic literature, the VAT/GST regime is generally commended because it brings fewer distortions compared to its close competitor sales tax or turnover tax. The VAT seeks to collect taxes at every stage of value addition in the production cycle of the goods or rendering of services. Thus, if a seller buys a shirt at Rs 500 and sells it to the ultimate buyer at Rs. 600, the tax liability for the seller would be calculated on the basis of the difference of Rs. 100 instead of the entire sum of Rs. 600. Therefore, it avoids the worst vice of the sales tax, namely, the cascading effect. In preventing the cascading-effect, the VAT/GST regime causes less distortion in the economy. If&nbsp;the concept of VAT was not introduced, every person involved in the trade would have paid taxes on selling price without having taken credit of tax paid earlier by them;&nbsp;this results in double payment of tax.

GST in India has reached its culmination through a series of reform measures aimed at rationalizing the indirect tax structure in the country. In 1976 the Indirect Taxation Enquiry Committee was constituted under the chairmanship of Dr. L.K. Jha. Its report hinted at the GST. In 1985-86 budget, the then Finance Minister Mr. V.P. Singh proposed to introduce modified value added tax (MODVAT), which became effective from April 1, 1986. Dr. Raja J. Chelliah, the&nbsp;chairman of the Tax Reforms Committee, strongly advocated for VAT &nbsp;at the manufacturing level covering all goods. The Indian government partially honoured the proposal in its 1993-94 budget.&nbsp;

In 1999, the then Finance Minister Mr. Yashwant Sinha took the initiative for the introduction of VAT in all the states of India. An Empowered Committee of State Finance Ministers was formed to deliberate on state- level VAT under the chairmanship of Dr. Asim Dasgupta, the then finance minister of the Indian state of West Bengal. Subsequently, a task force was formed with Dr. Vijay Kelker at its head which recommended GST as the indirect tax system in India.&nbsp;

In 2006, the then Finance Minister P. Chidambaram made the case for GST in his budget speech. He said, &ldquo;The world over, goods and services attract the same rate of tax. That is the foundation of a GST.&rdquo; However, in 2009 the Empowered Committee of State Finance Ministers called for a two-tier GST as the ideal solution for a country like India with a strong federal structure. Fearing revenue loss, the India states were not agreeing to a single GST&nbsp;levied by the centre alone. Now there will be the central GST as well as goods and service taxes imposed by various states. The present draft legislation has this provision.&nbsp;

It is quite clear that the GST is going to put in place an indirect tax system with greater transparency and rationality. This is in tune with best global practices. This destination based tax regime would integrate markets all over the country. The consumers will benefit from less uncertainty as there will be no need to search for places with low taxes and, hence, low prices.&nbsp;

Is there any criticism against the GST? Of course, there are. The GST, like any indirect tax regime, is regressive. Critics of the goods and services tax&nbsp;argue that under this system, the poor &nbsp;pay more, as a percentage of their income, than the rich. &nbsp;Also, there is the fear that GST may add a newly modified virus of inflation to the Indian economy.

 
&nbsp;

&nbsp;

&nbsp;&nbsp;&nbsp;

&nbsp;

&nbsp;

GST prevents double payment of tax. However, the poor may end up?paying more

The Indian Parliament passed the 122nd Constitutional Amendment Bill, ushering in the regime of goods and services tax (GST) in the country. This tax regime seeks to introduce a uniform rate of taxation for all goods and services that are being bought and sold in India. It is supposed to be designed in such a way that, irrespective of the location of the point of sale for any particular goods or services, the buyer will be paying the tax at the same rate. Currently, the picture is just the opposite. Different kinds of state and local taxes make the rate of taxes vary across regions. Often locally produced goods enjoy favourable tax treatment compared to goods brought from other states. The proposed GST regime is supposed to wither away that kind of differential treatment. Therefore, no doubt, passing of this bill marks a milestone in India's fiscal history. The concept of value-added tax (VAT), also known as the GST, was first floated in 1918 by a German industrialist Wilhelm von Siemens. However, it was first implemented as a comprehensive tax regime in France in 1954. Great Britain and Australia introduced the VAT in the 1970s. Canada introduced it in 1991. All countries in the Organisation for Economic Cooperation and Development (OECD) and in the European Union have imposed VAT on money spent by people for consumption purposes. Now almost 160 countries have embraced VAT/GST as the preferred mode of consumption tax. The latest one to board the bandwagon is Malaysia who introduced the GST in 2015. India is expected to join them from April 1, 2017. However, the USA has not shown much enthusiasm to join the league yet. In the theoretical economic literature, the VAT/GST regime is generally commended because it brings fewer distortions compared to its close competitor sales tax or turnover tax. The VAT seeks to collect taxes at every stage of value addition in the production cycle of the goods or rendering of services. Thus, if a seller buys a shirt at Rs 500 and sells it to the ultimate buyer at Rs. 600, the tax liability for the seller would be calculated on the basis of the difference of Rs. 100 instead of the entire sum of Rs. 600. Therefore, it avoids the worst vice of the sales tax, namely, the cascading effect. In preventing the cascading-effect, the VAT/GST regime causes less distortion in the economy. If the concept of VAT was not introduced, every person involved in the trade would have paid taxes on selling price without having taken credit of tax paid earlier by them; this results in double payment of tax. GST in India has reached its culmination through a series of reform measures aimed at rationalizing the indirect tax structure in the country. In 1976 the Indirect Taxation Enquiry Committee was constituted under the chairmanship of Dr. L.K. Jha. Its report hinted at the GST. In 1985-86 budget, the then Finance Minister Mr. V.P. Singh proposed to introduce modified value added tax (MODVAT), which became effective from April 1, 1986. Dr. Raja J. Chelliah, the chairman of the Tax Reforms Committee, strongly advocated for VAT at the manufacturing level covering all goods. The Indian government partially honoured the proposal in its 1993-94 budget. In 1999, the then Finance Minister Mr. Yashwant Sinha took the initiative for the introduction of VAT in all the states of India. An Empowered Committee of State Finance Ministers was formed to deliberate on state- level VAT under the chairmanship of Dr. Asim Dasgupta, the then finance minister of the Indian state of West Bengal. Subsequently, a task force was formed with Dr. Vijay Kelker at its head which recommended GST as the indirect tax system in India. In 2006, the then Finance Minister P. Chidambaram made the case for GST in his budget speech. He said, “The world over, goods and services attract the same rate of tax. That is the foundation of a GST.” However, in 2009 the Empowered Committee of State Finance Ministers called for a two-tier GST as the ideal solution for a country like India with a strong federal structure. Fearing revenue loss, the India states were not agreeing to a single GST levied by the centre alone. Now there will be the central GST as well as goods and service taxes imposed by various states. The present draft legislation has this provision. It is quite clear that the GST is going to put in place an indirect tax system with greater transparency and rationality. This is in tune with best global practices. This destination based tax regime would integrate markets all over the country. The consumers will benefit from less uncertainty as there will be no need to search for places with low taxes and, hence, low prices. Is there any criticism against the GST? Of course, there are. The GST, like any indirect tax regime, is regressive. Critics of the goods and services tax argue that under this system, the poor pay more, as a percentage of their income, than the rich. Also, there is the fear that GST may add a newly modified virus of inflation to the Indian economy.

GST in India: An indirect tax system with greater transparency and rationality

&nbsp;Viacom Inc on Monday named Jim Gianopulos, the former head of Twenty-First Century Fox Inc&#39;s movie studio, to run its Paramount Pictures unit.

Gianopulos replaces Brad Grey, who stepped down as chief executive and chairman of Paramount last month, after 12 years in the job..

He takes over Paramount as the studio and its parent company work to turn around their businesses after years of underperformance, producing box office bombs such as &quot;Teenage Mutant Ninja Turtles: Out of the Shadows&quot; and &quot;Ben-Hur.&quot;

Gianopulos, who will report directly to Viacom Chief Executive Bob Bakish, will be in charge of charting a new strategy for Paramount which includes developing new content and expanding the studio globally.

Bakish, who became Viacom CEO late last year, is making Paramount a major part of his strategy to turn around the New York-based media conglomerate&#39;s declining ad revenue and ratings.

Under his strategy, Viacom will focus on six of its brands: Paramount and the networks BET, Comedy Central, MTV, Nickelodeon and Nick Jr. Each will start making films with Paramount.

Paramount was at the centre of a power struggle between Viacom controlling shareholder Sumner Redstone and his daughter Shari against Philippe Dauman, the media company&#39;s former CEO.

The battle was prompted by Dauman&#39;s proposal last year to sell a stake in Paramount against Redstone&#39;s wishes. After a tense stand-off, Dauman resigned in August.

(Reuters)

Gianopulos replaces Brad Grey, who stepped down as chief executive and chairman of Paramount last month, after 12 years in the job

Viacom Inc on Monday named Jim Gianopulos, the former head of Twenty-First Century Fox Inc's movie studio, to run its Paramount Pictures unit. Gianopulos replaces Brad Grey, who stepped down as chief executive and chairman of Paramount last month, after 12 years in the job.. He takes over Paramount as the studio and its parent company work to turn around their businesses after years of underperformance, producing box office bombs such as "Teenage Mutant Ninja Turtles: Out of the Shadows" and "Ben-Hur." Gianopulos, who will report directly to Viacom Chief Executive Bob Bakish, will be in charge of charting a new strategy for Paramount which includes developing new content and expanding the studio globally. Bakish, who became Viacom CEO late last year, is making Paramount a major part of his strategy to turn around the New York-based media conglomerate's declining ad revenue and ratings. Under his strategy, Viacom will focus on six of its brands: Paramount and the networks BET, Comedy Central, MTV, Nickelodeon and Nick Jr. Each will start making films with Paramount. Paramount was at the centre of a power struggle between Viacom controlling shareholder Sumner Redstone and his daughter Shari against Philippe Dauman, the media company's former CEO. The battle was prompted by Dauman's proposal last year to sell a stake in Paramount against Redstone's wishes. After a tense stand-off, Dauman resigned in August. (Reuters)

Former Fox studio head Jim Gianopulos to run Viacom's Paramount

Britain&#39;s economy has for months defied the cataclysmic predictions made by campaigners for staying in the EU ahead of last year&#39;s referendum but its smooth run shows signs of hitting the skids.

As Britain begins the delicate process of extracting itself from the European Union, headwinds are expected for the economy even though the forecast financial storm has so far failed to materialise.

The first nine months since the Brexit vote have been deftly handled by Prime Minister Theresa May, aided by the Bank of England&#39;s injections of liquidity into the banking system and unflagging consumer confidence.

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The economy grew by a wholly respectable 1.8 per cent in 2016 and could expand by 2 per cent this year, according to the latest forecasts.

But economists say the positive results are due to the fact that nothing concrete has happened on the Brexit front since the referendum on June 23.

The real question is what will happen over the two years of likely fraught negotiations ahead.

Top of the rollercoaster&nbsp;

&quot;Right now, it feels like we&#39;re just reaching the top of the Article 50 rollercoaster,&quot; said Paul Drechsler, head of the Confederation of British Industry, the country&#39;s main big business lobby.

&quot;Any minute now... we&#39;ll suddenly drop into the twists and turns of negotiations,&quot; he said.

Drechsler said the worst outcome would be if London and Brussels were to hammer out a divorce without a new trade deal in place that would allow businesses on both sides to prepare for the hefty cost of Britain leaving the European single market.

May, who has said she will take Britain out of the single market in order to be able to reduce immigration, has said she is ready to implement Brexit without a deal if the conditions put forward by EU negotiators are too demanding.

Businesses are warning against such an outcome and say that it would hit two key sectors particularly hard -- the powerful financial sector and a car industry that is currently in full bloom.

By way of example, if Britain is forced to fall back on World Trade Organization rules for trading with the EU after it leaves, British car exports would face a 10-per cent tariff at the EU border.

Any announcement by carmakers about their activities in Britain is already making the government jumpy, be that investment by Nissan in Sunderland in northeast England, job cuts by Ford in Wales or PSA&#39;s takeover of Vauxhall factories.

British employers have also been pushing hard for EU nationals to be allowed to continue coming in.

The immigrant labour force, particularly from Eastern Europe, has greatly helped the economy in recent years but constituted a key argument for the Brexit campaign and helped explain the vote outcome.

Sectors that depend on low-skilled workers such as retail, catering and construction have already suffered from a slowdown in arrivals seen since the vote, the Chartered Institute of Personnel and Development said in a study published last month.

Gas in the tank

Businesses are also questioning whether to invest over the next two years, since there will be uncertainty until the end of the negotiations.

&quot;UK demand for funding from both businesses and households has been softening somewhat at the beginning of this year, which we believe is the first sign of the gradual slowing of the economy that we expect for 2017,&quot; said Boris Glass, senior economist at S&amp;P Global Ratings.

Consumers are also beginning to feel the effect of a sharp rise in prices due to more expensive imports -- a consequence of the devaluation of the pound on currency markets caused by the Brexit vote.

With Britain facing turbulence, finance minister Philip Hammond presented a cautious budget last week that he hopes will give him enough spending power to act quickly if the economy starts to sputter.

Hammond said that &quot;as we embark on the journey that we will be taking over the next couple of years, we are confident that we have got enough gas in the tank to see us through that journey&quot;.

(AFP)

Economists say the positive results so far are due to the fact that nothing concrete has happened on the Brexit front since the referendum

Britain's economy has for months defied the cataclysmic predictions made by campaigners for staying in the EU ahead of last year's referendum but its smooth run shows signs of hitting the skids. As Britain begins the delicate process of extracting itself from the European Union, headwinds are expected for the economy even though the forecast financial storm has so far failed to materialise. The first nine months since the Brexit vote have been deftly handled by Prime Minister Theresa May, aided by the Bank of England's injections of liquidity into the banking system and unflagging consumer confidence. The real question is what will happen over the two years of likely fraught negotiations ahead × The economy grew by a wholly respectable 1.8 per cent in 2016 and could expand by 2 per cent this year, according to the latest forecasts. But economists say the positive results are due to the fact that nothing concrete has happened on the Brexit front since the referendum on June 23. The real question is what will happen over the two years of likely fraught negotiations ahead. Top of the rollercoaster "Right now, it feels like we're just reaching the top of the Article 50 rollercoaster," said Paul Drechsler, head of the Confederation of British Industry, the country's main big business lobby. "Any minute now... we'll suddenly drop into the twists and turns of negotiations," he said. Drechsler said the worst outcome would be if London and Brussels were to hammer out a divorce without a new trade deal in place that would allow businesses on both sides to prepare for the hefty cost of Britain leaving the European single market. May, who has said she will take Britain out of the single market in order to be able to reduce immigration, has said she is ready to implement Brexit without a deal if the conditions put forward by EU negotiators are too demanding. Businesses are warning against such an outcome and say that it would hit two key sectors particularly hard -- the powerful financial sector and a car industry that is currently in full bloom. By way of example, if Britain is forced to fall back on World Trade Organization rules for trading with the EU after it leaves, British car exports would face a 10-per cent tariff at the EU border. Any announcement by carmakers about their activities in Britain is already making the government jumpy, be that investment by Nissan in Sunderland in northeast England, job cuts by Ford in Wales or PSA's takeover of Vauxhall factories. British employers have also been pushing hard for EU nationals to be allowed to continue coming in. The immigrant labour force, particularly from Eastern Europe, has greatly helped the economy in recent years but constituted a key argument for the Brexit campaign and helped explain the vote outcome. Sectors that depend on low-skilled workers such as retail, catering and construction have already suffered from a slowdown in arrivals seen since the vote, the Chartered Institute of Personnel and Development said in a study published last month. Gas in the tank Businesses are also questioning whether to invest over the next two years, since there will be uncertainty until the end of the negotiations. "UK demand for funding from both businesses and households has been softening somewhat at the beginning of this year, which we believe is the first sign of the gradual slowing of the economy that we expect for 2017," said Boris Glass, senior economist at S&P Global Ratings. Consumers are also beginning to feel the effect of a sharp rise in prices due to more expensive imports -- a consequence of the devaluation of the pound on currency markets caused by the Brexit vote. With Britain facing turbulence, finance minister Philip Hammond presented a cautious budget last week that he hopes will give him enough spending power to act quickly if the economy starts to sputter. Hammond said that "as we embark on the journey that we will be taking over the next couple of years, we are confident that we have got enough gas in the tank to see us through that journey". (AFP)

First warning signs appear post-Brexit for UK's resilient economy