“The very reason for nature’s existence is for the education of the soul.”
― Swami Vivekananda
Author: Business So Simple
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News update-Income Tax, Financial awareness & Legal awareness – 9th July 2021 (ET, Livemint , Financial express)
1.*Income Tax department issues refunds worth Rs 37,050 crore till July 5*
2. *Equity mutual funds see inflows of Rs 6,000 crore in June*
3. *‘Mid-cap segment is highly fertile for alpha generation’*
4. *Women availed bigger home loans in FY21: report*
5. *Insurers return documents after processing claims upon request*
6. *Should you get a registered investment adviser?*
7. *Income Tax dept issues refunds worth Rs 37,050 cr till July 5*
8. *India’s power demand surges to all-time high; crosses 200 GW mark*
9. *Gradual receding of COVID cases has created scope for economic recovery: PHDCCI*
10. *CTI urges govt to bring petrol, diesel under GST to reduce fuel rates*
11. *Cabinet nod: Modified Rs 1-lakh-crore Agriculture Infrastructure Fund to help mandis upgrade*
12 *Cabinet nod: Modified Rs 1-lakh-crore Agriculture Infrastructure Fund to help mandis upgrade*
13. *CTI urges govt to bring petrol, diesel under GST to reduce fuel rates*
14. *Gradual receding of COVID cases has created scope for economic recovery: PHDCCI*
15. *India’s power demand surges to all-time high; crosses 200 GW mark*
16. *Income Tax dept issues refunds worth Rs 37,050 cr till July 5*https://www.financialexpress.com/economy/income-tax-dept-issues-refunds-worth-rs-37050-cr-till-july-5/2286461/
Cabinet approves modifications in Central Sector Scheme of financing facility under ‘Agriculture Infrastructure Fund’
The Union Cabinet chaired by Hon’ble Prime Minister Shri Narendra Modi today gave its approval to the following modifications in Central Sector Scheme of Financing Facility under ‘Agriculture Infrastructure Fund’:
- Eligibility has now been extended to State Agencies/APMCs, National & State Federations of Cooperatives, Federations of Farmers Producers Organizations (FPOs) and Federations of Self Help Groups (SHGs).
- At present Interest subvention for a loan upto Rs. 2 crore in one location is eligible under the scheme. In case, one eligible entity puts up projects in different locations then all such projects will be now be eligible for interest subvention for loan upto Rs. 2 crore. However, for a private sector entity there will be a limit of a maximum of 25 such projects. This limitation of 25 projects will not be applicable to state agencies, national and state federations of cooperatives, federations of FPOs and federation of SHGs. Location will mean physical boundary of a village or town having a distinct LGD (Local Government Directory) code. Each of such projects should be in a location having a separate LGD code.
- For APMCs, interest subvention for a loan upto Rs. 2 crore will be provided for each project of different infrastructure types e.g. cold storage, sorting, grading and assaying units, silos, et within the same market yard.
- The power has been delegated to Hon’ble Minister of Agriculture & Farmers Welfare to make necessary changes with regard to addition or deletion of beneficiary in such a manner so that basic spirit of the scheme is not altere
- The period of financial facility has been extended from 4 to 6 years upto 2025-26 and overall period of the scheme has been extended from 10 to 13 upto 2032-33.
The modifications in the Scheme will help to achieve a multiplier effect in generating investments while ensuring that the benefits reach small and marginal farmers. APMC markets are setup to provide market linkages and create an ecosystem of post-harvest public infrastructure open to all farmers.
Cabinet Press Release dated 08 July 2021
***
Thought of the day-08 July 2021
An intelligent person does not take part in the sources of misery, which are due to contact with the material senses. O son of Kuntī, such pleasures have a beginning and an end, and so the wise man does not delight in them.
News update-Income Tax, Financal awareness & Legal awareness-08 July 2021 (ET, Livemint, Financial express)
*Invest*
1.*Thinking of entering the cryptocurrency market? Here’s an investment, trading guide for you*
*Borrow*
1. *Before getting that education loan, make sure you know these fine points*
*Legal/will*
1. *You have very limited choice as to who gets your EPF, EPS, EDLI in case you die*
*Real Estate*
1. *Unsold inventory overhang in Mumbai reduces on higher home sales: Report*
*Finance*
1. *Payment operators to share intel on fraudsters and blacklist scammers*
2. *PGIM India Mutual Fund launches small cap fund*
3. *HDFC Flexi Cap Fund completes 26 years in the market with 18% returns per annum*
4. *Franklin debt plan investors to get another Rs 3,200 crore
5.* Stock market, Gold, fixed income – How you should invest this year according to Axis Securities*
6. *A financial planner can help channel investments*
7.* Legal heir has to file income tax return on earnings of deceased*
8. *When it comes to index funds, cheaper is not always better*
9. *Meet India’s new breed Of money influencers*
10. *Should you opt for traditional life insurance plans?*
https://www.financialexpress.com/money/should-you-opt-for-traditional-life-insurance-plans/2285735/
11. *Large cap vs small cap: Balancing growth and risks*
12. *Your Queries (Income Tax): Switch from dividend to growth option in MF is a taxable transfer*
13. *Your Money: Finding yield to maturity: The internal rate of return of bonds*
14. *Paisabazaar sees month-on-month increase in personal loan disbursal
Applicable FEMA provisions on Establishment of Branch office/Liaison office/Project office in India by Foreign entities (Part 1)
Dear Friends,
Please find below YouTube video link on Applicable FEMA provisions on Establishment of Branch office/Liaison office/Project office in India by Foreign entities
Regards,
Bipul Kumar
Launch of online filing of application for Authorised Economic Operators (AEO T2 and AEO T3)
Ministry of Finance Press release dated 07th July 2021
Central Board of Indirect Taxes & Customs (CBIC) Chairman Shri M. Ajit Kumar here today inaugurated the online filing of Authorised Economic Operators (AEO) T2 and T3 applications. The AEO web application is accessible at URL www.aeoindia.gov.in. The new version (V 2.0) of the web application is designed to ensure continuous real-time and digital monitoring of physically filed AEO T2 and AEO T3 applications for timely intervention and expedience.
The AEO application processing for AEO T1 on the web-based portal www.aeoindia.gov.in has been functional since December 2018. To take this endeavour for digitisation forward, in line with the government’s Digital India initiative, the CBIC Board has launched a new version (V2.0) for on-boarding of AEO T2 and AEO T3 applicants for online filing, real-time monitoring, and digital certification.
For further details, refer to CBIC Circular No. 13/2021-Customs dated 01.07.2021.
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Agro Tec start-ups : Office of PSA’s KisanMitr & KVKs partner to make agritech accessible for farmers through vernacular sessions
The 28th edition of the series of agricultural presentations had a guest. Balraj, a farmer from Punjab spoke about the impact that deploying a sensor to detect moisture in the atmosphere has made in their irrigation practices. His village doesn’t have electricity and they use diesel-run pumps. Deploying this sensor saved both diesel, and water (which he quantified as 15-20 hours of running the pump). The sensor was able to detect moisture in the lower layers of the soil. He observed an improvement in crop yield and soil health. This sensor is a product of an agritech startup.
One of the biggest challenges,for agriculture technology start-ups,is reaching out to the farmers, FPOs,and Krishi Vigyan Kendras(KVKs) – their end-users. Kisanmitr was conceptualized and has been successful in linking the Supply with the Demand side. The start-ups can support the farmers through the KVKs and the farmers can find solutions to some of their challenges.
The series of agricultural presentations by technology developers across the Indian research Institutes and their incubated start-ups have helped showcasearound 150 agricultural technologies across different themes, farm management, post-harvest management, allied agriculture, etc.These have been garnered under the Office of the Principal Scientific Adviser, Government of India. The presentations are made primarily for the demand members (Industry and Incubators) to evaluate the technologies and to stitch the supply side and Demand side of agriculture through technology.
Speaking at the 28th edition on 3rd July 2021, Dr. A. K. Singh, Deputy Director-General, (Agricultural Extension) ICAR pointed out thatKisanMitr is helping meet the PM’s vision of developing technology solutions for farmers’ problems. He congratulated the Office of PSA, ICST, NSRCEL for facilitating the process of making technology and innovations that are developed in research laboratories across the country reach farmers across the country. Applauding the organization of vernacular sessions of these webinars, he also hoped that the upcoming webinars will bring together more farmers to talk about their problems, and what technology solutions they need. He opined that “one farmer will help train many more farmers. So, if we train one with technology,they will help transfer knowledge too.” Dr. Singh called out to the KVKs to be flag bearers and help reach these solutions to reach the farmer by organizing a viewing session in KVK offices for farmers for demonstration of technologies. Seventy-five KVKs have, till now, partnered for this outreach.
Watch the 28th edition here:https://www.youtube.com/watch?v=8SyC2G2DRT0
Among thevoluntary organizationsthat are facilitating the organization of these vernacular language sessions for farmers are VIT School of Agricultural Innovations and Advanced Learning, VAIAL (Tamil), and Grameena Incubation Center (Telugu). The teams are in talks with others for sessions in Gujarati, Marathi, and Rajasthani.The upcoming sessions in Tamil and Telugu are planned to be held on 10th July and 17th July respectively. Coming months, the plan is to telecast these sessions in other regional languages as more KVK partners join the initiative.
About KisanMitr:
KisanMitr or ‘Friends of the Farmers’, is an initiative of the Office of the Principal Scientific Adviser, Government of India. This project aims to make Indian farmers more self-reliant by giving them insights and recommendations based on information from various data sources from different departments of the Government. The website is at: https://kisanmitr.gov.in/
About Office of Principal Scientific Adviser, Government of India:
In November 1999, Cabinet Secretariat established the Office of the Principal Scientific Adviser to the Government of India. The PSA’s office aims to provide pragmatic and objective advice to the Prime Minister and Cabinet on matters related to science, technology, and innovation with a focus on the application of science and technology in critical infrastructure, economic and social sectors in partnership with Government departments, institutions, and industry.
About KVK:
The Krishi Vigyan Kendras (KVKs) work towards the mandate of “Technology Assessment and Demonstration for its Application and Capacity Development.” These kendras (centres) are a part of the National Agricultural Research System (NARS), which aims at assessment of location-specific technology modules in agriculture and allied enterprises, through technology assessment, refinement, and demonstrations. KVKs have been functioning as Knowledge and Resource Centre of agricultural technology supporting initiatives of public, private, and voluntary sectors for improving the agricultural economy of the district and are linking the NARS with extension system and farmers.
About Indian CST:
The Office of PSA engaged the services of the Indian Centre for Social Transformation (Indian CST) (www.indiancst.in), a Registered Public Trust who developed and are maintaining https://epashuhaat.gov.in for the Ministry of Animal Husbandry Dairying and Fisheries for the (then) Ministry of Agriculture and Farmers Welfare since 26.11.2016. Indian CST has contributed its GPMS Transportal for building the KISANMITR portal on the lines of e-pashuhaat.
About NSRCEL:
With programs specifically catering to entrepreneurs with profit ventures and social ventures, also student and women entrepreneurs, IIMB’s NSRCEL offers its support to various players of the startup ecosystem. NSRCEL brings together startups, industry mentors, eminent academicians from its parent institution Indian Institute of Management Bangalore, and researchers who thrive on continuous interaction of theory and practice.
Office of Principal Scientific Advisor to GoI Press release dated 07th July 2021
Thought of the day-07 July 2021
One who is not disturbed in mind even amidst the threefold miseries ((1) those miseries which arise from the mind and body, (2) those miseries inflicted by other living beings, and (3) those miseries arising from natural catastrophes over which one has no control.) or elated when there is happiness, and who is free from attachment, fear and anger, is called a sage of steady mind.
News update-Income Tax, Financal awareness & Legal awareness-07 July 2021 (ET, Livemint, Financial express)
Income Tax
1. *I am 58 years old and want to invest in NPS Tier 1 for tax reasons. Can I do so at this age?*
2. *How banks, mutual funds and companies will check if you have filed ITR*
https://economictimes.indiatimes.com/wealth/tax/how-banks-mutual-funds-and-companies-will-check-if-you-have-filed-itr/articleshow/84057122.cms
3. *Shouldn’t income tax be payable only on income?*
Legal
- *How to claim money after death of SBI account holder*
2*ET Wealth’s new Legal/Will section tells you all about will, trusts, divorce, inheritance rights and more*
*Financial*
1. *Millennial Money: What will you teach your kids about money?*
2. *The rights of a legal heir supersede the rights of a nominee*
3. *Declare beneficial nominees while purchasing life insurance*
4. *Is IIFL Home Finance’s NCD a good option for investors?*
5. I want to invest Rs 20,000 a month for 5 years to earn 12% return. Where should I invest?
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