Business news — صفحه 8 از 11 — ✅ خرید وی پی ان ❇ ip ثایت vPn آی پی اختصاصی ◐

جولای 19, 2022

Rupee falls 7 paise to all-time low of 80.05 against US dollar in early trade

At the interbank foreign exchange, the rupee opened at 80 against the American dollar, then lost ground to quote at 80.05, registering a fall of 7 paise from the last close.

A man counts Indian currency notes inside a shop in Mumbai, India, August 13, 2018. (REUTERS/File Photo)The rupee depreciated 7 paise to an all-time low of 80.05 against the US dollar in early trade on Tuesday tracking the strength of the American currency and firm crude oil prices.

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At the interbank foreign exchange, the rupee opened at 80 against the American dollar, then lost ground to quote at 80.05, registering a fall of 7 paise from the last close.
In initial trade, the local unit also touched 79.90 against the American currency.

On Monday, the rupee for the first time declined to the low level of 80 against the US dollar in intra-day spot trading before ending the session 16 paise lower at 79.98 amid a surge in crude oil prices and unrelenting foreign fund outflows.
The rupee opened on a weaker note on Tuesday morning weighed down by outflows and high oil prices, Sriram Iyer, Senior Research Analyst at Reliance Securities said, adding that lack of intervention from the Reserve Bank of India (RBI) could also weigh on sentiments.
According to Iyer, the range for the USD/INR pair for Tuesday’s session is 79.75-80.12.
Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading 0.12 per cent higher at 107.49.
Global oil benchmark Brent crude futures fell 0.35 per cent to USD 105.90 per barrel.
On the domestic equity market front, the 30-share Sensex was trading 86.4 points or 0.16 per cent lower at 54,434.75, while the broader NSE Nifty fell 26.75 points or 0.16 per cent to 16,251.75.
Foreign institutional investors were net buyers in the capital market on Monday as they purchased shares worth Rs 156.08 crore, as per stock exchange data.

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جولای 16, 2022

Strategies can help you avoid paying extra for Medicare premiums

Morsa Images | DigitalVision | Getty ImagesFor some retirees, there’s an extra cost associated with Medicare premiums that can ambush their household budgets.Most Medicare enrollees pay the standard premium amounts for Part B (outpatient care) and Part D (prescription drugs). Yet an estimated 7% of Medicare’s 64.3 million beneficiaries end up paying extra because their income is high enough for income-related monthly adjustment amounts, or IRMAAs, to kick in, according to the Centers for Medicare & Medicaid Services.Whether you have to pay the surcharge is based on your modified adjusted gross income as defined by the Medicare program: your adjusted gross income plus tax-exempt interest income. For 2022, IRMAAs kick in when that amount is more than $91,000 for individuals or $182,000 for married couples filing joint tax returns. The higher your income, the larger the surcharge is.”You only have to go $1 over that [lowest] breakpoint and you’re subject to IRMAAs,” said certified financial planner Barbara O’Neill, owner and CEO of Money Talk, a financial education company. “If you’re close to that or close to going to a higher tier, you’ve really got to be proactive,” O’Neill said.In other words, there are some strategies and planning techniques that can help you avoid or minimize those IRMAAs. Here are four to consider:1. Focus on what you can control2. Consider converting to Roth IRA accountsOne way to keep your taxable income down is to avoid having all of your nest egg in retirement accounts whose distributions are taxed as ordinary income, such as a traditional IRA or 401(k). So whether you’ve signed up for Medicare yet or not, it may be worth converting taxable assets to a Roth IRA.Roth contributions are taxed upfront, but qualified withdrawals are tax-free. This means that while you would pay taxes now on the amount converted, the Roth account would provide tax-free income down the road — as long as you are at least age 59½ and the account has been open for more than five years, or you meet an exclusion.”You pay a little more now to avoid higher tax brackets or IRMAA brackets later on,” Meinhart said.It also helps that Roth IRAs do not have required minimum distributions, or RMDs, in the owner’s lifetime. RMDs are amounts that must be withdrawn from traditional IRAs as well as both traditional and Roth 401(k)s once you reach age 72.When RMDs from traditional accounts kick in, your taxable income could be pushed up enough that you become subject to IRMAAs, or to a higher amount if you already were paying the surcharge.”A lot of people get into trouble by taking no money out of their 401(k) or IRA, and then they have their first RMD and it puts them in one of those IRMAA brackets,” Meinhart said.3. Keep an eye on capital gainsIf you have assets that could generate a taxable profit when sold — i.e., investments in a brokerage account — it may be worth evaluating how well you can manage those capital gains. While you may be able to time the sale of, say, an appreciated stock to control when and how you would be taxed, some mutual funds have a way of surprising investors at the end of the year with capital gains and dividends, both of which feed into the IRMAA calculation. “With mutual funds, you don’t have a whole lot of control because they have to pass the gains on to you,” said O’Neill, of Money Talk. “The problem is you don’t know how big those distributions are going to be until very late in the tax year.”Depending on the specifics of your situation, it may be worth considering holding exchange-traded funds instead of mutual funds in your brokerage account due to their tax efficiency, experts say.For investments whose sale you can time, it’s also important to remember the benefits of tax-loss harvesting as a way to minimize your taxable income.That is, if you end up selling assets at a loss, you can use those losses to offset or reduce any gains you realized. Generally speaking, if the losses exceed the profit, you can use up to $3,000 per year against your regular income and carry forward the unused amount to future tax years.4. Tap your philanthropic sideIf you’re at least age 70½, a qualified charitable contribution, or QCD, is another way to keep your taxable income down. The contribution goes directly from your IRA to a qualified charity and is excluded from your income.”It’s one of the few ways you can really get money out of an IRA completely tax free,” Meinhart said. “And when you’re 72, that charitable distribution can help offset your required minimum distributions.”The maximum you can transfer is $100,000 annually; if you’re married, each spouse can transfer $100,000. .

ژوئن 26, 2022

RBI eyes BNPL norms, to rope in fintechs amid concerns over cards by non-bank PPI issuers to extend short-term loans

After slapping curbs on non-bank buy now pay later (BNPL) companies, the Reserve Bank of India (RBI) is likely to come out with guidelines for the BNPL segment which was using pre-paid instruments (PPIs) to extend short-term, interest-free loans to customers for online purchases.
“This novel method shall be examined, and issuance of appropriate guidelines on payments involving BNPL shall be explored,” the central bank said in its Payments Vision 2025 document. The RBI had last week communicated to non-bank PPI issuers — or BNPL companies — to stop issuing cards where the funds are loaded through a credit line from NBFCs, sending jitters in the segment.
According to banking observers, the Reserve Bank is not happy with fintech companies using PPIs as a credit instrument, circumventing the regulatory oversight. The banking regulator is in discussion with fintech players to find a way out and bring the segment under a regulatory framework so that PPIs are used as a payment instrument and not as a credit avenue.

While BNPL services have developed into a new payment mode alongside the existing payment modes like cards, UPI and net banking, it has remained outside the direct RBI regulation. This channel, facilitated by a few payment aggregators, leverages the existing nodal account (escrow account after authorisation) to route payments between a BNPL customer and a merchant. “We welcome RBI’s move on barring wallet and PPIs top up from the credit lines. This will bring more transparency in the fintech lending space. We believe the main purpose of a PPI licence is to act as a payment instrument and not as a credit instrument,” said Nipun Jain, CEO, RapiPay Fintech Ltd.
The latest regulation is probably coming from recent developments wherein newer business models of credit-based payment products were built by companies using PPI as a vehicle, analysts said. The RBI has raised concerns on funding of these PPI instruments through a credit line from an NBFC, Kotak Securities said in a report.

ExplainedHow does a BNPL company operate?A customer who holds a BNPL card or account can make a purchase at a participating retailer and opt for the ‘Buy now, pay later’ option. After the purchase, the customer can repay the BNPL firm in a series of interest-free EMIs – unlike credit cards which carry a high interest rate of 42 per cent — spread over 3 months or as a lumpsum amount. If it remains unpaid, interest will be charged. The BNPL company will pay the merchant immediately. However, for a purchase of Rs 500, instead of settling the full Rs 500, they would pay something like Rs 470 or Rs 450 and pocket the difference. The merchant agrees to give a discount to the BNPL firm.

The RBI’s working group on digital lending had recently proposed restricting balance sheet lending by digital lending apps (DLAs) only to regulated entities of the central bank or entities registered under any other law for specifically undertaking lending business, enacting a separate legislation to prevent illegal digital lending activities and treating BNPL as part of balance sheet lending, and prohibition on unregulated entities from offering first loss default guarantee (FLDG).
Another major factor that worries the RBI could be the high delinquency levels in the BNPL segment. In the case of 60 days past due (DPD) credit, delinquencies in the BNPL segment are 18.9 per cent whereas non-BNPL show 10.1 per cent delinquencies, according to TransUnion Cibil data.
BNPL is India’s fastest-growing online payment method with a significant impact on banks, large merchants and card schemes. Due to its hassle-free on-boarding experience, extension of credit facility, low-cost structure for the customer and facilitating easy repayments, BNPL is growing popular among young income earners.
Some of the popular BNPL companies are LazyPay, Simpl, ZestMoney, Amazon Pay Later, Ola Money Postpaid, Paytm Postpaid, Flexmoney, Slice, UNI and EPayLater.
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“Regulatory clarity for big tech and fintechs as well as BNPL will really help entities plan long term and invest even more in fintech in India,” said Avinash Godkhindi, MD and CEO, Zaggle.
The RBI ban on credit lines from NBFCs is likely to hit fintech companies in the BNPL segment. BNPL companies are active on Zomato, Swiggy and other e-commerce sites.
For customers around the globe, e-commerce payment preferences continue to shift away from cash and credit cards towards digital wallets and BNPL. In its report ‘Digital Payments in India: A US$10 Trillion Opportunity’, BCG said the digital payment market In India will be $10 trillion in the next five years (by 2026), with non-cash contributions comprising 65 per cent of all payments and two out of three transactions will be digital in the next five years.

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ژوئن 25, 2022

Citing fiscal strains, Expenditure Department advises against PMGKAY extension

It is not advisable to continue the Pradhan Mantri Garia Kalyan Anna Yoajana (PMGKAY) beyond its present extension (till September) both on “grounds of food security and on fiscal grounds” given that it is as it is “far beyond the need of non-pandemic times”, the Department of Expenditure under the Ministry of Finance has stated. Huge increase in fertiliser subsidy burden (both urea & non-urea), re-introduction of subsidy on cooking gas, reduction of excise duty on petrol, diesel and customs duty on various products have created a serious fiscal situation, it said.
“The budgeted fiscal deficit at 6.40 % of GDP was itself extremely high by historical standards, and deterioration therein poses a risk of serious adverse consequences. It is vital that major subsidy increases/tax reductions are not done. In particular, it is not advisable to continue the PMGKAY beyond its present extension, both on grounds of food security and on fiscal grounds. As it is, each family is getting 50 kg of grains, 25 kg at a nominal price of Rs.2/Rs.3, and 25 kg free. This is far beyond the need at a non-pandemic time,” the Expenditure Department said.
In March, the government extended the PMGKAY scheme for another six months till September 2022. The government has spent approximately Rs 2.60 lakh crore till March and another Rs 80,000 crore will be spent till September 2022, taking the total expenditure for PM-GKAY to nearly Rs 3.40 lakh crore. The scheme covers nearly 80 crore beneficiaries providing 5kg of foodgrains per month for free under this scheme. The additional free grains are over and above the normal quota provided under the NFSA at a subsidised rate of Rs 2-3 per kg.
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The Budget had pegged the fiscal deficit at 6.4 per cent of the GDP or Rs 16.61 lakh crore. In April, the first month of the current fiscal, the deficit stood at Rs 74,846 crore – or 4.5 per cent of the full-year target. In 2021-22, the deficit was 6.71 per cent or Rs 15.86 lakh crore, lower than the revised estimates of 6.9 per cent on better tax revenue mop up.
Fertiliser subsidy is estimated to rise to Rs 2.15 lakh crore from the budgeted level of Rs 1.05 lakh crore for 2022-23, having already seen an outgo of Rs 60,939.23 crore for the first six months of this fiscal. The government’s finances are also strained after the recent excise duty cuts, which are estimated to cost Rs 1 lakh crore. The cooking gas subsidy to the poor is estimated to cost the government Rs 6,100 crore, while the revenue loss from the recalibration in customs duty on iron and steel and plastic is expected to be Rs 10,000-15,000 crore.

ژوئن 10, 2022

Better schemes for informal workers soon

A database capturing details of informal sector workers has registered about 280 million workers with more than 400 occupations of workers and is expected to lead to better dissemination of social welfare schemes for informal workers, Labour and Employment Minister Bhupender Yadav said. Addressing the Plenary Session of 110th International Labour Conference (ILC) of International Labour Organisation at Geneva Thursday, Yadav said India has a comprehensive institutional framework to provide for decent work and to facilitate safe and orderly migration, India is supporting signing of labour mobility agreements (LMA) and the social security agreements (SSA).
During Covid-19, India not only provided free vaccination to its entire population, but also extended free delivery of food and food-grains, health services and assured employment, he said. “During this period, a new Scheme was started to incentivise employers to create new jobs and to re-employ those who lost their jobs during the pandemic period by paying from the budget shares of both employees’ and employers’ at the rate of 12% of wages. In the same period, cash transfers were made directly to bank accounts of 200 million women during Covid-19 pandemic period. About 3.2 million street vendors were provided collateral free loans to help them resume their businesses under Swanidhi Scheme,” he said.