The Parliament has passed the amendment to the DIGCG (Deposit Insurance and Credit Guarantee Corporation) Act 1961 which will allow customers of failed or stressed banks which are placed under moratorium to get their deposits (up to Rs 5 lakh) back within 90 days of start of moratorium.. The amendment was passed today in Lok Sabha and was cleared by the Rajya Sabha on August 4. As explained by the finance minister Nirmala Sitharaman last week during a press briefing, the 90-day period will be divided into two periods of 45 days. “The stressed bank is expected to collate all…
Author: Miley Selena
If your Universal Account Number (UAN) is not linked with your Aadhaar by August 31, 2021, then your employer will not be able to make monthly contributions to your Employees’ Provident Fund (EPF) account. Further, you will not be able to make a withdrawal from your EPF account if your UAN is not linked with Aadhaar. This is because the government has made it mandatory for UAN to be linked with Aadhaar so that employers are able to file Employee Cum Return (ECR) challan and deposit the money into your EPF account. The government announced this via section 142 of…
Vietnam’s Civil Aviation Authority (CVAA) has proposed to suspend all all flights connecting Hanoi and Ho Chi Minh City as the nation fights a prolonged Covid-19 wave. The CVAA has asked Ministry of Transport to stop all regular flights between localities that are under social distancing orders, including Hanoi and Ho Chi Minh City, VNExpress reported. Only special flights are flown on air routes between social distancing localities, the CVAA has proposed. While flights to bring workers back to their hometowns can be considered, it would be necessary for the localities to pick up passengers at the airport to test…
Total number of Covid-19 patients in the country raising to 215,560 and the number of recoveries reaches 71,497. On Sunday evening, a further 147 deaths related to Covid-19 were announced, bringing the total number of fatalities in Vietnam to 3,397. Visit Vietnam Insider’s homepage for more stories. According to the ministry’s report, 5,140 of the newly-confirmed patients are locally-transmitted cases most of whom were detected in quarantine sites or areas under lockdown in some localities including 2,349 in Ho Chi Minh City, 1,725 in Binh Duong, 287 in Long An, 183 in Dong Nai, 177 in Ba Ria-Vung Tau, 157…
Around 17,775 foreigners in HCM City were given their first Covid-19 vaccination jabs on August 5-6 with most of them living in District 7. The majority of the foreigners are investors, experts and engineers and their relatives aged between 18 and 70. The vaccination was held in District 7’s three places Saigon South Marina Club on Tran Van Tra Street, South Korean International School and Phu My Hung Sale Gallery on Tan Phu Street, dtinews.vn citing a report from the TP. According to the local authorities, AstraZeneca and Moderna vaccines were used for the injection. Related: Foreigners in Vietnam can now…
Liquidity being improved and strong inflows from foreign investments. However, as the benchmark VN-Index struggled at the resistance level of 1,350 points and fell in the last session, many securities firms have to take a more cautious view on the market this week. On the Hồ Chí Minh Stock Exchange (HoSE), the VN-Index closed last week at 1,341.45 points, marking the first fall in two weeks. Meanwhile, the HNX-Index on the Hà Nội Stock Exchange (HNX) was stable at 325.46 points. For the week, the VN-Index still gained 2.1 per cent, while the HNX-Index rose by 3.3 per cent. The…
Finally, Nifty goes above 16,000 mark: After remaining in a tight range for several weeks, Nifty finally decided to take an upside breakout, as predicted by technical analysts earlier. Since 16,000 was a psychological resistance, there was heavy call option writing at that level. So, breakage of 16,000 resulted in short covering and this helped Nifty to reach 16,300 levels over the next three days. After this decisive breakout, technical analysts believe that Nifty will reach higher levels in coming weeks. “Since the uptrend is continuing, Nifty may reach 16,530, the upper line of Pitchfork technical indicator, in the next…
1. This scheme is only for the girl child to encourage parents to save for their daughters from an early age. 2. The current interest rate is 7.6%. 3. A girl child can have only one SSY account in her name. 4. A parent or guardian is allowed to open only two SSY accounts except in the case of twins at the time of second birth or in case of triplets. 5. Maximum maturity period is 21 years and after the maturity the account will not earn interest and the amount will be kept idle with the government. (Content on…
Not many investors know whether they have invested in the right funds and if their fund portfolio is on track. The Portfolio Doctor assesses the health of the fund portfolio, examines the schemes and their suitability with regard to the goals and, if required, recommends corrective measures. The advice given is based on the performance of the funds, the risk profile of the investor as well as his financial goals. CASE I: Deepak Kumar is saving for his kid’s goals and retirement. Here’s what the doctor has advised him Investor’s existing portfolio PORTFOLIO CHECK-UP Investing in a mix of equity…
The Goods & Services Tax (GST) applies to all service providers, traders and manufacturers. The procedure for GST registration is entirely online. Every product goes through multiple stages along the supply chain before the fi nal sale to the consumer. Turnover GST is mandatory for: Companies with turnover of more than Rs 20 lakh (supply of services) and Rs 40 lakh (supply of goods) annually. Businesses making inter-state outward supply of goods. Agents and brokers, selling on behalf of taxable suppliers. E-commerce sellers/aggregators if total sales are less than Rs 20 lakh. Timelines GST registration usually takes between 2-6 working…