Daily News

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Money in Swiss banks: India moves to 73rd place, UK remains on top

India has moved up to 73rd place in terms of money parked by its citizens and companies with Swiss banks, while the UK remains on the top.

India had slipped to 88th place with a 44% plunge in such funds during 2016, but the latest data from the Swiss National Bank (SNB) shows an increase of over 50 % during 2017 to CHF 1.01 billion (about Rs 7,000 crore).

Pakistan is now placed one place higher than India at 72nd position.

The U.S. remains on the second position despite a dip of about 6 % in such funds to CHF 166 billion.

Did you Know

Swiss Bank Corporation was a large integrated financial services company located in Switzerland.
In 1998, SBC merged with Union Bank of Switzerland to form UBS, the largest bank in Europe and the second largest bank in the world.
Swiss banks are renowned for their secrecy that resulted in huge deposits of laundered money to these banks.

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Mega IPOs line up amid volatile equity market

The equity markets showing signs of extreme volatility but that has not deterred companies from lining up big public issues to enter the capital markets.

According to Prime Database, a primary market tracker, the coming months could see public issues worth almost $3.6 billion or a little more than ₹23,700 crore, hitting the capital market as companies line up mega initial public offers (IPOs).

The current calendar has seen 15 firms raise ₹ 20,435.73 crore through IPOs in the first five month.

The year may well become the second- best ever after 2017, in terms of quantum raised via IPOs.

Did you Know

An initial public offering, or IPO, is the very first sale of stock issued by a company to the public.
Prior to an IPO the company is considered private, with a relatively small number of shareholders made up primarily of early investors (such as the founders, their families and friends) and professional investors (such as venture capitalists or angel investors).

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India’s most potent missile Agni-V to be inducted soon

India’s longest-range ballistic missile, Agni-V, will be inducted into the nuclear arsenal very soon.

Agni-V is an Intermediate Range Ballistic Missile (IRBM) with a range of over 5,000 km and can reach most parts of China.

The missile features the latest technologies for navigation and improved accuracy.

The Agni series of missiles constitute the backbone of India’s nuclear weapons delivery, which also includes the Prithvi short-range ballistic missiles and fighter aircraft.

Did you Know

Agni-V is an intercontinental ballistic missile developed by the Defence Research and Development Organisation (DRDO) of India.
Agni V is part of the Agni series of missiles, one of the missile systems under the original Integrated Guided Missile Development Program.
In its armoury, India currently has Agni-1 with 700 km range, Agni-2 with a 2,000-km range, Agni-3 and Agni-4 with 2,500 km to more than 3,500-km range.
DRDO chief: V.K. Saraswat

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GST monthly revenue will exceed ₹1.1 lakh cr: Piyush Goyal

Revenue from the Goods and Services Tax (GST) will exceed ₹1.1 lakh crore monthly.

Finance Minister assures that average monthly GST collection will cross ₹1.10 lakh crore.

Finance Minister also said that there was scope for further rationalisation of the tax rates if tax compliance improved and the e-waybill system settled down.

Did you Know

GST is an Indirect Tax which has replaced many Indirect Taxes in India.
The Goods and Service Tax Act was passed in the Parliament on 29th March 2017.
The Act came into effect on 1st July 2017; Goods & Services Tax Law in India is a comprehensive, multi-stage, destination-based tax that is levied on every value addition.

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Maharashtra To Increase E-Way Bill Threshold To Rs 1 Lakh From Rs 50,000

The Maharashtra government would increase limit for e-way bill generation for movement of goods between states under GST to Rs 1 lakh from the present threshold of Rs 50,000.

This change would mean that goods having a value of less than Rs 1 lakh need not have an e-way bill when they are transported within Maharashtra.

the e-way bill system had been effective in curbing evasion of stock and material as it could track these items from source to destination.

Did you Know

The E-way bill, an electronic system, has to be generated by traders when they have to move their goods within the state or outside.
e-Way Bill is mandatory for Inter-State movement of goods of consignment value exceeding Rs.50,000/- in motorized conveyance.

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FDI growth hits 5-year low

Foreign direct investment (FDI) in India seems to be petering out with the growth rate of inflows recording a five-year low of 3% at $44.85 billion in 2017-18, according to the latest data of the Department of Industrial Policy and Promotion (DIPP).

Foreign inflows in the country grew by 8.67% in 2016-17, 29% in 2015-16, 27% in 2014-15, and 8% in 2013-14.

An UNCTAD report had recently stated that FDI in India decreased to $40 billion in 2017 from $44 billion in 2016.

However, outflows from India, the main source of the FDI in South Asia, more than doubled to $11 billion.

Did you Know

Foreign direct investment (FDI) is an investment made by a firm or individual in one country into business interests located in another country.

United Nation Conference on Trade and Development (UNCTAD) is a permanent intergovernmental body established by the United Nations General Assembly in 1964.
UNCTAD is part of the UN Secretariat.
Secretary-General: Mukhisa Kituyi
Headquarters are located in Geneva, Switzerland.

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INS Sahyadri wins praise for integrating yoga into regime

Indigenously built stealth frigate, INS Sahyadri, which is participating in RIMPAC (Rim of the Pacific Exercise), the world’s largest international maritime exercise, has been adjudged runner-up in an innovation competition during the harbour phase of the exercise.

The 26th edition of RIMPAC, hosted by the U.S. Indo-Pacific Command (INDOPACOM), commenced from the Hawaii coast with the participation of more than 45 surface ships and submarines from 25 countries.

INS Sahyadri presented the ‘idea of integrating yoga into our daily life as technology for well-being during extended deployments for ships’.

Israel, Sri Lanka and Vietnam joined RIMPAC for the first time.

Did you Know

INS Sahyadri (F49) is a Shivalik-class stealth multi-role frigate built for the Indian Navy. It was built at the Mazagon Dock Limited (MDL) located in Mumbai.
It was commissioned on 21 July 2012 into the Eastern Naval Command headquartered at Visakhapatnam.

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Instant e-PAN based on Aadhaar launched

The new PAN will have the same name, date of birth, gender, mobile number and address as in the Aadhaar.

The e-PAN facility is only for resident individuals and not for Hindu Undivided Family, firms, trusts and companies.

The Central Board of Direct Taxes (CBDT), which makes policies for the Income Tax Department extended the deadline for the PAN-Aadhaar linking to March 31 next.

This is the fifth time it has extended the deadline.

Did you Know

Aadhaar is issued by the Unique Identification Authority of India (UIDAI) to an Indian resident, PAN is a 10-digit alphanumeric number allotted by the Income Tax Department to a person, firm or entity.
According to Section 139 AA (2) of the Income Tax Act, every person having PAN as on July 1, 2017, and eligible to obtain Aadhaar, must intimate tax officials of his Aadhaar number.

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India vs Australia, Champions Trophy hockey final

The Indian hockey team lost 1-1 (1-3) to world No.1 and defending champions Australia in the final of the Champions Trophy in Breda.

Australia won the tournament a record 15th time as India had to be content with a silver medal finish.

Did you Know

The 2018 Men's Hockey Champions Trophy was the 37th and the last edition of the Hockey Champions Trophy for men.
It was held from 23 June to 1 July 2018 in Breda, Netherlands.
The tournament will be replaced by the Hockey Pro League (HPL) in 2019.

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SEBI directs HDFC AMC to call off pre-IPO placement

The capital markets regulator has directed HDFC Asset Management, the country’s second-largest fund house, to scrap a share placement to top financial advisers and distributors ahead of its initial public offering.

Securities and Exchange Board of India (Sebi) has asked the fund house to return the money it had collected from these advisers and distributors at 12%.

HDFC AMC could get the final approval for the IPO once this refund is completed.

Did you Know

The Securities and Exchange Board of India is the regulator for the securities market in India.
It was established in the year 1988
Headquarters: Mumbai
Chairman: Ajay Tyagi