India's Union Budget for FY20 is a hurriedly assembled cocktail of Gandhi, Marx and Adam Smith. All previous attempts to make such a cocktail have ended in disaster. If we do succeed this time, it will be miraculous.
Key Takeaways:
Methods of funding for investmenr in overseas JV/WOS
Capitalization of export proceeds
Investment in equity of companies registered overseas/rated debt instruments
Acquisition of foreign company through bidding or tender procedure
Key Takeaways:
Methods of funding for investmenr in overseas JV/WOS
Capitalization of export proceeds
Investment in equity of companies registered overseas/rated debt instruments
Acquisition of foreign company through bidding or tender procedure
Key Takeaways:
- What is Single Master Form
- Registration in FIRMS Portal
- Structure of FC-GPR
- Procedures and documents required
- Reason for rejection of form
Key Takeaways:
Recent amendment in FDI policy for foreign investment
Ambiguities relating to the amendment
Probable impact of the changes in the policy
Overview of other countries' rule for strategic takeovers
WTO principles and inference
Key Takeaways:
FEMA regulations relating to IFSC
Scheme for setting up of IFSC Banking Units (IBUs)
Permissible activities of IBUs
Rupee Derivatives at IFSCs
Managerial Remuneration under Companies Act and SEBI (LODR) RegulationsDVSResearchFoundatio
Key Takeaways:
Limits prescribed under Companies Act, 2013
Procedural aspects and provisions of Schedule V
Relaxation of provisions for certain companies
Recent amendments in SEBI (LODR) Regulations
Objectives & Agenda :
To know the background of Abu Dhabi Global Market (ADGM) and the kinds of business that can be set-up in ADGM. To understand the procedure for setting-up business in ADGM and the benefits of operating from ADGM. To analyse the restrictions placed on persons operating in ADGM. To know the rules governing ADGM and finally the webinar will cover the compliances that has to be done while carrying out operations in ADGM
The 2015 budget had long list of expectations. On one hand; the Government has addressed major issues surrounding the foreign investors which would certainly boost capital market inflows and revive the private equity industry (by deferring GAAR by 2 years and clarifying Permanent Establishment & Indirect Transfer of Assets). On other hand; it has just rationalized the subsidies. Probably as we see growth coming in and more job creation; subsidy burden can be better dealt with by the Government. Though there are no direct benefits for the middle class. However incentives have been introduced to encourage savings. These savings are expected to fuel the infrastructure and other investment plans laid out by the Government. Certainly Foreign investors have a reason to cheer for this Pro Business; Pro Growth Government budget.
Key Takeaways:
- What is Single Master Form
- Registration in FIRMS Portal
- Structure of FC-GPR
- Procedures and documents required
- Reason for rejection of form
Key Takeaways:
Recent amendment in FDI policy for foreign investment
Ambiguities relating to the amendment
Probable impact of the changes in the policy
Overview of other countries' rule for strategic takeovers
WTO principles and inference
Key Takeaways:
FEMA regulations relating to IFSC
Scheme for setting up of IFSC Banking Units (IBUs)
Permissible activities of IBUs
Rupee Derivatives at IFSCs
Managerial Remuneration under Companies Act and SEBI (LODR) RegulationsDVSResearchFoundatio
Key Takeaways:
Limits prescribed under Companies Act, 2013
Procedural aspects and provisions of Schedule V
Relaxation of provisions for certain companies
Recent amendments in SEBI (LODR) Regulations
Objectives & Agenda :
To know the background of Abu Dhabi Global Market (ADGM) and the kinds of business that can be set-up in ADGM. To understand the procedure for setting-up business in ADGM and the benefits of operating from ADGM. To analyse the restrictions placed on persons operating in ADGM. To know the rules governing ADGM and finally the webinar will cover the compliances that has to be done while carrying out operations in ADGM
The 2015 budget had long list of expectations. On one hand; the Government has addressed major issues surrounding the foreign investors which would certainly boost capital market inflows and revive the private equity industry (by deferring GAAR by 2 years and clarifying Permanent Establishment & Indirect Transfer of Assets). On other hand; it has just rationalized the subsidies. Probably as we see growth coming in and more job creation; subsidy burden can be better dealt with by the Government. Though there are no direct benefits for the middle class. However incentives have been introduced to encourage savings. These savings are expected to fuel the infrastructure and other investment plans laid out by the Government. Certainly Foreign investors have a reason to cheer for this Pro Business; Pro Growth Government budget.
Allaying all fears, the finance minister presented a brave budget. She took all Covid-19 blows on (fiscal) body and refused to yield to fiscal pressures. She prudently refused to indulge in allurements of raising resources through additional taxation. The Budget for FY22 is continuation of various measures announced during 2020 to support the economy. The recognition of the need of new economy (ecommerce workers, startups, e-learning, new education techniques etc.) and willingness to let go the control over even strategic CPSEs are signs of pragmatism. This is perhaps the only budget in independent India that does not propose to make any change in income tax rate structure.
It is now upon the administrative ministries, departments and state governments responsible for executing the proposals. Like Rishabh Pant, who went to Australia with a poor record of recent execution, the performance of these executing organs of the government in recent past has not been encouraging. It is to be hoped that the execution will improve materially in next 15 months and Indian economy shall emerge winner.
FALL IN RUPEE - A MAJOR CONCERN FOR THE ECONOMYNeha Sharma
The recent fall of the Indian rupee visà-vis US Dollar and other major currencies have caused serious concern in the business, profession and Indian intellectuals. The fall of Indian rupee indicate serious inherent weakness of the Indian economy and in spite of some arrests of the inflationary tendency the overall outlook is very weak. Some major indicators include:
The general election to Lok Sabha is the most important democratic process in the Indian Constitutional Framework. Current elections have attracted a huge turnout of the voters, clearly indicating to the political leadership that India need change and Indian democracy, economy and expectations of public and society is under transformation.
The BJP Government is on the verge of completing a year and has now stabilised. Major economic initiatives and actions are emerging for a high growth oriented economy.
INDIAN MANUFACTURING SECTOR NEED FOR A POSITIVE ENVIRONMENT FOR GROWTHNeha Sharma
The Indian Economy, the Government, the public at large and specially the people who are in industry, manufacturing sector, service sector or any other arena of business activity , all are deeply concerned with poor growth rate of manufacturing sector during last 2 to 3 years and specially in 2012-13.
Make in india – a formidable step in right directionNeha Sharma
Make in India campaign of Prime Minister Narendra Modi has evoked lots of attention all over the world. Prospective investors from China, Japan, USA etc are eagerly watching changes being made in the directions of investment liberalization . There is no doubt that with this PM has taken a major initiative to bring Indian and International Corporate Sector on one platform to aggressively boost industrial production and growth in India.
Companies Act 2013 and the draft Rules towards better corporate GovernanceNeha Sharma
The Companies Act 2013 has already been passed by the Parliament and has also received the assent of the President. The government is expected to announce the date from which the specific section of the new Act will come in force.
The general public and the society including top bureaucrats, politicians, media personnel, social activists, thinkers, intellectuals and policy makers and those who determine the future directions of the society and the economy expect the auditing profession to perform the roles of a watchdog who can monitor the auditee entity comprehensively to ensure that interest of owners, minority shareholders, investors, bankers, government, regulators, suppliers, customers and other stake holders are fully protected. Most importantly interest of the auditee entity are preserved and various financial and operational decisions taken by the management at various levels were in the interest of the company and were within the policy framework laid down by the Board.
Ease of doing business challenges persistingNeha Sharma
The new government has been brought to power by electorate of our nation along with large expectations by industry, businesses and professions and other stakeholders of the Indian economy.
U.S. Gandhi Budget 2015 - 2016 AnalysisKunal Gandhi
Rarely has there been a budget as highly anticipated as this one.
Coming on the heels of the defeat of the ruling BJP in the recent Delhi elections, there were expectations that the original ‘Maximum governance, minimum government’ model would give place to a more populist agenda.
India Inc on the other hand expected improving the ease of doing business and a more rational tax regime.
While Corporate tax was lowered and Wealth tax was abolished, a major theme in the budget was creating a social security framework. Targeting a GDP growth rate of 8 – 8.5%, the budget plans to keep the deficit to within 3.9% of GDP by laying special emphasis on infrastructure development with a major spend budgeted on Road building.
All in all, though there were no big bang reforms, the budget 2015 was a good mix of Pragmatism and Populism. We are optimistic about growth and believe a lot more reforms are expected in the coming 3 years.
Trekking markets & more with InvestrekkInves Trekk
The report presents a summary of the Indian market activity during the week ended 27 June 2021. It also provides some important insights about the global market trends and Indian Market outlook for the Week beginning 28 June 2021.
To bring any meaningful improvement in the fragile condition of India's farming community, a comprehensive rural development effort is needed. Any piecemeal solution like occasional loan waiver shall have almost no sustainable impact. The traditional farmer welfare measures like periodic hikes in support prices for certain crops, farm input subsidies, interest rate subvention have not yielded the desired results.
In my view, a sustainable improvement in Indian farmers' conditions is possible only under a comprehensive rural development mission. The mission should address the problem with structural reforms at three levels, viz., 1. Farm Level; 2. Policy Level and 3. Social Level. All reforms must be pursued "urgently, vigorously, simultaneously" and in a fully integrated fashion, for having a meaningfully sustainable impact.
A large number of analysts have forecasted that gold will be a preferred currency of the world amidst all this chaos. I beg to disagree. In my view, presently the interest in gold appears to be more intuitive rather than analytical. It is being presumed that the end game of the non-conventional monetary policies currently in practice will be prolonged stagflation, complete disintegration (or euphemistically restructuring) of the present monetary systems where USD may longer be the sole reserve currency and near complete erosion of savers’ financial wealth.
I find most of the current analysis suffering from some degree of cognitive dissonance. It is trying to dress a trading opportunity into a secular trend. I do not see any reason why gold should ever touch its 1980 high in real terms and why not go below its 1971 lows (in real terms).
The current crisis is unprecedented in the sense that it has seriously impacted the liquidity, solvency and viability of a large number of businesses, all at the same time. The only way out of this crisis is to inflate a colossal bubble in asset prices, which is equally unprecedented. A global bubble will inflate in healthcare sector. far bigger and durable than the dotcom and subprime bubbles, as it deals with human lives directly. The politicians, bankers, investors, policy makers, administrators, businessmen, consumers et. al. who have spent weeks locked down in their houses fearing for their lives while watching the death statistics on media, would readily accept the need for much higher investment and spending on healthcare. In that sense, this bubble will be far more tangible, believable, acceptable and inflatable.
The Finance Minister read out the longest ever budget speech. By the end of it she was too exhausted to even complete the speech. This pretty much explains the state of affairs.
Like a caged canary aspiring to fly in the blue sky, the finance minister very enthusiastically read out the vision for new modern India. However, after two hours of aspirational efforts, it was evidently clear that she does not have enough strength to break the shackles and release herself. In the end, she was settled in the cage, totally exhausted and her wings ruffled.
The positive take away from the budget statement is that the aspirations are really high and the vision of new modern India very clear. The government for the first time made an unambiguous admission that the way forward is a progressive socio-economic structure that is egalitarian but encourages and supports private enterprise. It is a major achievement to officially abandon the socialist legacy that focused on curbing demand rather than enhancing supply and hindered the seamless integration of Indian economy in the global economy.
After a long spell of staying in denial, the policymakers have shown some urgency in past 6 months. However, they have so far refrained from pressing the panic button. The investors are eagerly waiting to see the finance minister pressing the red button hard today.
In my view, the current state of Indian economy is akin to a person who is single wage earner for his family; has little savings; chronically suffered from hypertension and diabetes, and recently got a heart attack.
This person cannot afford to spend couple of months in bed for recuperating. He has to immediately go for work so that he can pay the bills and feed the family.
SAT provided relief to thousands of Investment AdvisersInves Trekk
On 29th March 2019, SAT ended 4yr ordeal for Vijay Kumar Gaba, a blogger and investor protection activist. In Jan 2015 SEBI acted against Gaba at behest of senior politicians to help an extortionist belonging to ruling party. The ex parte action was severe, usually reserved for fraudster and scamsters. Failing to prove anything, SEBI even risking career of thousands of Investment Advisers who were operating as such before Aug 2013 promulgation of Investment Advisor Regulations.
FY18 started on a very optimistic note for Indian financial markets. BJP had just scored a massive electoral victory in UP. This was widely assumed to mean that people and economy have moved on leaving the scar of Demonetization behind. The market participants were full of hope anticipating GST to be panacea for many economic ailments. The proposed New bankruptcy law, that was about to be passed by Lok Sabha, promised speedy resolution of NPAs. Analysts were very optimistic about earnings finally growing, after staying mostly flat for two preceding years.
The financial year has however ended on a rather cautious note with below par returns and considerably moderated expectations forFY19.
The popular commentary suggests that the participants are worried about a variety of factor. Some prominent of these factors could be listed as follows:
Aspirational, hurried and fretting
A plain reading of the budget papers, including the FM speech, makes us believe that the FM (and by implication PM) aspire to turn India into a truly egalitarian society as soon as possible but no later than 2024. Their posturing suggests that they are taking it for granted that there is no challenge to their leadership at least for next five years.
They appear in tremendous hurry to showcase all the arrows in their quivers, though most of these remain unsharpened.
The tone of the budget vividly shows that they are fretting about the gradual erosion in their support base and trying hard to make sure that this gradual erosion does not turn into an avalanche.
It is widely accepted that Indian economy is recovering, albeit slowly, from the disruptions created by demonetization (November 2016) and implementation of GST (July 2017). The GDP growth is forecast to recover from below 6% in FY17 to more than 7% in FY19. At this rate, India will be the fastest growing economy amongst all major global economies.
The positives are all well known and appreciated by markets and global agencies, as the entire government machinery is busy marketing these.
Nonetheless, for investors, it is important to take a note of the red flags that are too conspicuous and could have serious repercussions on the sustainability of the economic recovery and hence corporate earnings.
UP Election 2017: It's no longer about caste & religionInves Trekk
The political consciousness of the people of Uttar Pradesh, has evolved materially in past one decade. Contrary to the popular narrative, the caste and religion, though still relevant, are not the primary considerations in the voters' mind. Nowhere, the voters are inclined to elect a candidate purely on the basis of caste or religion.
Though these are still early days and the situation could change dramatically in next few days, I would still hazard an assessment of the election outcome.
In my view BJP will emerge as the single largest party, if Congress allies with SP or BSP.
Otherwise, BJP is poised to get a strong majority on its own.
The finance minister maintained a commendable balance between the evenly stronger and mostly diverging compulsions of economic growth, fiscal discipline and political expediency.
Most of the budget provisions are inarguably aimed at ensuring inclusive growth, and bringing in equity in taxation and provisions.
A record number of measures have been introduced, to bring predictability, transparency and conciliation in the tax regime of the country.
2014 elections are going to be definitely transformative insofar as the socio-political landscape of the country is concerned. We see a decisive mandate and a stable government.
Introduction to Indian Financial System ()Avanish Goel
The financial system of a country is an important tool for economic development of the country, as it helps in creation of wealth by linking savings with investments.
It facilitates the flow of funds form the households (savers) to business firms (investors) to aid in wealth creation and development of both the parties
how can I sell my pi coins for cash in a pi APPDOT TECH
You can't sell your pi coins in the pi network app. because it is not listed yet on any exchange.
The only way you can sell is by trading your pi coins with an investor (a person looking forward to hold massive amounts of pi coins before mainnet launch) .
You don't need to meet the investor directly all the trades are done with a pi vendor/merchant (a person that buys the pi coins from miners and resell it to investors)
I Will leave The telegram contact of my personal pi vendor, if you are finding a legitimate one.
@Pi_vendor_247
#pi network
#pi coins
#money
US Economic Outlook - Being Decided - M Capital Group August 2021.pdfpchutichetpong
The U.S. economy is continuing its impressive recovery from the COVID-19 pandemic and not slowing down despite re-occurring bumps. The U.S. savings rate reached its highest ever recorded level at 34% in April 2020 and Americans seem ready to spend. The sectors that had been hurt the most by the pandemic specifically reduced consumer spending, like retail, leisure, hospitality, and travel, are now experiencing massive growth in revenue and job openings.
Could this growth lead to a “Roaring Twenties”? As quickly as the U.S. economy contracted, experiencing a 9.1% drop in economic output relative to the business cycle in Q2 2020, the largest in recorded history, it has rebounded beyond expectations. This surprising growth seems to be fueled by the U.S. government’s aggressive fiscal and monetary policies, and an increase in consumer spending as mobility restrictions are lifted. Unemployment rates between June 2020 and June 2021 decreased by 5.2%, while the demand for labor is increasing, coupled with increasing wages to incentivize Americans to rejoin the labor force. Schools and businesses are expected to fully reopen soon. In parallel, vaccination rates across the country and the world continue to rise, with full vaccination rates of 50% and 14.8% respectively.
However, it is not completely smooth sailing from here. According to M Capital Group, the main risks that threaten the continued growth of the U.S. economy are inflation, unsettled trade relations, and another wave of Covid-19 mutations that could shut down the world again. Have we learned from the past year of COVID-19 and adapted our economy accordingly?
“In order for the U.S. economy to continue growing, whether there is another wave or not, the U.S. needs to focus on diversifying supply chains, supporting business investment, and maintaining consumer spending,” says Grace Feeley, a research analyst at M Capital Group.
While the economic indicators are positive, the risks are coming closer to manifesting and threatening such growth. The new variants spreading throughout the world, Delta, Lambda, and Gamma, are vaccine-resistant and muddy the predictions made about the economy and health of the country. These variants bring back the feeling of uncertainty that has wreaked havoc not only on the stock market but the mindset of people around the world. MCG provides unique insight on how to mitigate these risks to possibly ensure a bright economic future.
Latino Buying Power - May 2024 Presentation for Latino CaucusDanay Escanaverino
Unlock the potential of Latino Buying Power with this in-depth SlideShare presentation. Explore how the Latino consumer market is transforming the American economy, driven by their significant buying power, entrepreneurial contributions, and growing influence across various sectors.
**Key Sections Covered:**
1. **Economic Impact:** Understand the profound economic impact of Latino consumers on the U.S. economy. Discover how their increasing purchasing power is fueling growth in key industries and contributing to national economic prosperity.
2. **Buying Power:** Dive into detailed analyses of Latino buying power, including its growth trends, key drivers, and projections for the future. Learn how this influential group’s spending habits are shaping market dynamics and creating opportunities for businesses.
3. **Entrepreneurial Contributions:** Explore the entrepreneurial spirit within the Latino community. Examine how Latino-owned businesses are thriving and contributing to job creation, innovation, and economic diversification.
4. **Workforce Statistics:** Gain insights into the role of Latino workers in the American labor market. Review statistics on employment rates, occupational distribution, and the economic contributions of Latino professionals across various industries.
5. **Media Consumption:** Understand the media consumption habits of Latino audiences. Discover their preferences for digital platforms, television, radio, and social media. Learn how these consumption patterns are influencing advertising strategies and media content.
6. **Education:** Examine the educational achievements and challenges within the Latino community. Review statistics on enrollment, graduation rates, and fields of study. Understand the implications of education on economic mobility and workforce readiness.
7. **Home Ownership:** Explore trends in Latino home ownership. Understand the factors driving home buying decisions, the challenges faced by Latino homeowners, and the impact of home ownership on community stability and economic growth.
This SlideShare provides valuable insights for marketers, business owners, policymakers, and anyone interested in the economic influence of the Latino community. By understanding the various facets of Latino buying power, you can effectively engage with this dynamic and growing market segment.
Equip yourself with the knowledge to leverage Latino buying power, tap into their entrepreneurial spirit, and connect with their unique cultural and consumer preferences. Drive your business success by embracing the economic potential of Latino consumers.
**Keywords:** Latino buying power, economic impact, entrepreneurial contributions, workforce statistics, media consumption, education, home ownership, Latino market, Hispanic buying power, Latino purchasing power.
how to sell pi coins on Bitmart crypto exchangeDOT TECH
Yes. Pi network coins can be exchanged but not on bitmart exchange. Because pi network is still in the enclosed mainnet. The only way pioneers are able to trade pi coins is by reselling the pi coins to pi verified merchants.
A verified merchant is someone who buys pi network coins and resell it to exchanges looking forward to hold till mainnet launch.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
how to sell pi coins effectively (from 50 - 100k pi)DOT TECH
Anywhere in the world, including Africa, America, and Europe, you can sell Pi Network Coins online and receive cash through online payment options.
Pi has not yet been launched on any exchange because we are currently using the confined Mainnet. The planned launch date for Pi is June 28, 2026.
Reselling to investors who want to hold until the mainnet launch in 2026 is currently the sole way to sell.
Consequently, right now. All you need to do is select the right pi network provider.
Who is a pi merchant?
An individual who buys coins from miners on the pi network and resells them to investors hoping to hang onto them until the mainnet is launched is known as a pi merchant.
debuts.
I'll provide you the Telegram username
@Pi_vendor_247
Even tho Pi network is not listed on any exchange yet.
Buying/Selling or investing in pi network coins is highly possible through the help of vendors. You can buy from vendors[ buy directly from the pi network miners and resell it]. I will leave the telegram contact of my personal vendor.
@Pi_vendor_247
Currently pi network is not tradable on binance or any other exchange because we are still in the enclosed mainnet.
Right now the only way to sell pi coins is by trading with a verified merchant.
What is a pi merchant?
A pi merchant is someone verified by pi network team and allowed to barter pi coins for goods and services.
Since pi network is not doing any pre-sale The only way exchanges like binance/huobi or crypto whales can get pi is by buying from miners. And a merchant stands in between the exchanges and the miners.
I will leave the telegram contact of my personal pi merchant. I and my friends has traded more than 6000pi coins successfully
Tele-gram
@Pi_vendor_247
Resume
• Real GDP growth slowed down due to problems with access to electricity caused by the destruction of manoeuvrable electricity generation by Russian drones and missiles.
• Exports and imports continued growing due to better logistics through the Ukrainian sea corridor and road. Polish farmers and drivers stopped blocking borders at the end of April.
• In April, both the Tax and Customs Services over-executed the revenue plan. Moreover, the NBU transferred twice the planned profit to the budget.
• The European side approved the Ukraine Plan, which the government adopted to determine indicators for the Ukraine Facility. That approval will allow Ukraine to receive a EUR 1.9 bn loan from the EU in May. At the same time, the EU provided Ukraine with a EUR 1.5 bn loan in April, as the government fulfilled five indicators under the Ukraine Plan.
• The USA has finally approved an aid package for Ukraine, which includes USD 7.8 bn of budget support; however, the conditions and timing of the assistance are still unknown.
• As in March, annual consumer inflation amounted to 3.2% yoy in April.
• At the April monetary policy meeting, the NBU again reduced the key policy rate from 14.5% to 13.5% per annum.
• Over the past four weeks, the hryvnia exchange rate has stabilized in the UAH 39-40 per USD range.
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If you are looking for a pi coin investor. Then look no further because I have the right one he is a pi vendor (he buy and resell to whales in China). I met him on a crypto conference and ever since I and my friends have sold more than 10k pi coins to him And he bought all and still want more. I will drop his telegram handle below just send him a message.
@Pi_vendor_247
USDA Loans in California: A Comprehensive Overview.pptxmarketing367770
USDA Loans in California: A Comprehensive Overview
If you're dreaming of owning a home in California's rural or suburban areas, a USDA loan might be the perfect solution. The U.S. Department of Agriculture (USDA) offers these loans to help low-to-moderate-income individuals and families achieve homeownership.
Key Features of USDA Loans:
Zero Down Payment: USDA loans require no down payment, making homeownership more accessible.
Competitive Interest Rates: These loans often come with lower interest rates compared to conventional loans.
Flexible Credit Requirements: USDA loans have more lenient credit score requirements, helping those with less-than-perfect credit.
Guaranteed Loan Program: The USDA guarantees a portion of the loan, reducing risk for lenders and expanding borrowing options.
Eligibility Criteria:
Location: The property must be located in a USDA-designated rural or suburban area. Many areas in California qualify.
Income Limits: Applicants must meet income guidelines, which vary by region and household size.
Primary Residence: The home must be used as the borrower's primary residence.
Application Process:
Find a USDA-Approved Lender: Not all lenders offer USDA loans, so it's essential to choose one approved by the USDA.
Pre-Qualification: Determine your eligibility and the amount you can borrow.
Property Search: Look for properties in eligible rural or suburban areas.
Loan Application: Submit your application, including financial and personal information.
Processing and Approval: The lender and USDA will review your application. If approved, you can proceed to closing.
USDA loans are an excellent option for those looking to buy a home in California's rural and suburban areas. With no down payment and flexible requirements, these loans make homeownership more attainable for many families. Explore your eligibility today and take the first step toward owning your dream home.
USDA Loans in California: A Comprehensive Overview.pptx
Union budget fy20
1. Union Budget FY20
Cocktail of Gandhi, Marx and Adam Smith
Ambitious, low on specificsAmbitious, low on specifics
- Vijay Kumar Gaba
1
This presentation does not contain any investment advice or equity research.
Please refer the important disclaimer given at the end of this presentation.
2. Key message
Many transformation ideas presented in budget
– mostly statement of intent, no specific programs, allocation or timelines indicated
An audacious attempt to find a balance between Gandhi (socialism), Marx (rich pay for
poor) and Adam Smith (laissez-faire).
- all previous such attempts have failed miserably.- all previous such attempts have failed miserably.
Promise of policy predictability, continuity and certainty broken with impunity
- Negative for business confidence
Overall rating - 6/10,
- for tight fiscal walk and new ideas.
2
3. Big Idea
• Mega Manufacturing Park
• Study in India
• National grids for highways, power, gas and water
• Development/Deepening of market for corporate bonds and CDS
• PPP in building Railways infrastructure and delivery of passenger freight services
Promotion of organized rental housing• Promotion of organized rental housing
• Self reliance in aviation with domestic aircraft leasing and MRO infrastructure
• Use of big data for improving compliance (pre filled It returns etc.)
• Incentives for Electric Vehicles
• Divestment of land holdings of CPSEs
• Creation of payment platform for MSMEs
3
4. Key announcement for capital markets
1. To "consider" raising minimum public shareholding of listed companies to 35%.
2. To rationalize and streamline the existing KYC norms for FPIs to make it investor friendly.
3. Proposal to set up a "Social Stock Exchange" for social enterprises and voluntary organizations.
4. Interoperability of NSDL/CSDL with RBI depository to facilitate retail participation in GSec.
5. Consultation for further opening of FDI in aviation, media and insurance sector.
6. 100% FDI to be permitted for insurance intermediaries.
7. Proposal to ease local sourcing norms for FDI in Single Brand Retail sector.
8. FPI limits in companies enhanced to sector limits with option to companies to set a lower limit.
9. Proposal to merge NRI-Portfolio Investment Scheme Route with the FPI Route .
10. Rs700bn additional capital for PSU Banks.
4
10. Rs700bn additional capital for PSU Banks.
11. HFCs to be regulated by RBI henceforth.
12. ETFs to be considered at par with ELSS.
13. Disinvestment target raised to Rs1.05trn.
14. Taxation of buy back of shares by listed firms to be at par with unlisted firms and dividend.
15. Hike in custom duties for ACs, tiles, PVC etc to protect and encourage local producers
16. Proposal to provide one time six months' partial credit guarantee to PSBs for first loss of up to
10% in case of high-rated pooled assets of financially sound NBFCs.
5. Key tax proposals
Personal income tax
1. Surcharge on personal income tax hiked -
(i) In cases where taxable income is more than Rs2cr 25% from 15% earlier; and
(ii) In cases where taxable income is more than Rs5cr to 37% from 15% earlier.
2. Filing IT return made mandatory in following cases:
(i) Deposit of cash in current account exceeds Rs1cr in a year; or
(ii) Foreign travel expense on himself or any other person exceeds Rs2lac in a year; or
(iii) Charges for electricity paid for himself or any other person exceed Rs1lac in a year; or
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(iv) fulfils such other prescribed conditions, as may be prescribed.
3. Deduction of upto Rs1,50,000 on loan taken to purchase an Electric Vehicle (EV). Only one EV per
assessee eligible. Loan taken between 1-4-2019 to 31-3-2023 eligible.
4. Deduction of upto Rs1,50,000 in respect of loan taken in FY20 to buy an affordable house (stamp duty
value upto Rs45lacs) by a person who does not own any house previously.
Corporate tax
The rate of corporate tax for domestic companies whose the total turnover in FY18 was Rs450cr or less
(earlier Rs250cr or less), shall be 25%. A surcharge of 7% shall be applicable for these companies. No change
in rates for other companies.
6. Key tax proposals
Miscellaneous
• As per new section 194M, from 1 September 2019, all individual and HUF shall deduct TDS @5% from payments made
to contractors (for personal or business purpose) if such payments exceed Rs50lakh in a year.
• Taxes on gifts to a resident outside India shall be payable in India for any gift made on or after 5 July 2019.
• To claim benefit of rollover of exemption from capital gains tax on investment in specified assets like house, bonds etc.,
filing IT return would be necessary from AY21.
• A person who has not been allotted PAN but possesses an Aadhar Number, can quote Aadhar number for specified
transactions. Such person will be allotted PAN in prescribed manner. A person having both PAN and Aadhar, can quote any
of the two numbers.
• TDS @2% applicable wef 1-9-19 if the cash withdrawal by any person from banks, including cooperative bank, exceed
Rs1cr in a year.
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Rs1cr in a year.
• From 1-11-19, any business whose annual turnover or gross receipts exceeds Rs50cr in a year, must allow payments
through electronics means, besides other modes of payments.
• Deposit taking and systemically important NBFCs allowed them recognize interest on bad debts on receipt basis.
• Section 194LC amended to exempt INR denominated bonds issued overseas from TDS requirement.
• Withdrawal of upto 60% of corpus from NPS account at the time of closer or opting out to be exempt from tax.
• Section 80CCD exemption limit for central government employees increased to 14% (10% earlier).
• Contribution to Tier II account of the pension scheme by central government employees included u/s 80C.
• CPSE ETF eligible for concessional rate of tax on STCG.
• TDS on taxable portion of life insurance payments now to be 5% of income instead of 1% of gross payments.
• From 1-9-19, STT on exercise of option to be calculated on difference between the strike price and settlement price.
• Import duty for precious metals increased to 12.5%.
• Rs 1 additional cess on petrol and diesel to fund EV initiatives.
13. Important Disclaimer
It is important to note that Vijay Kumar Gaba does not offer any portfolio management , brokerage, money management,
equity research or investment advisory services of any kind. Please take advise of a qualified and registered investment
advisor before taking any investment decision.
This presentations provide a general market overview for academic purposes.
This is definitely not intended to provide investment advice and these do not take into account the specific investment
objectives, financial situation and the particular needs of any specific person. Investors should seek financial advice
regarding the appropriateness of investing in financial instruments and implementing investment strategies discussed in
the reports.
Material from these reports may be copied freely, without any need for permission from the author/publisher. This is
however subject to copyright consideration of the contents of third parties.
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however subject to copyright consideration of the contents of third parties.
Copyrights of all the third parties whose material has been used in preparation of this presentation is gratefully
acknowledged and respected.
The reports provide general information only. The contents should NOT be considered research analysis or advise.