The World Opinion

Category: Economy

  • Latest ICICI Credit Card Rules 2024: THESE Changes Will Kick In From November 15 | Personal Finance News

    New Delhi: Private sector lender ICICI Bank has informed the customers regarding the upcoming changes in ICICI Bank Credit Card with effect from November 15, 2024.

    Here are the new rules that will be applicable from November 15 for ICICI Credit Card holders:

    1. Utility/Insurance Capping

    You will continue to earn reward points for utility spends up to Rs. 80,000, insurance spends up to Rs. 80,000, at the current earn rate.

    You will continue to earn reward points for utility spends up to Rs. 40,000, insurance spends up to Rs. 40,000, at the current earn rate.


    2. Grocery Capping

    You will continue to earn reward points for grocery & departmental store spends up to Rs.40,000 per month, at the current earn rate.

    You will continue to earn reward points for grocery & departmental store spends up to Rs.20,000 per month, at the current earn rate


    3. No rewards on government transactions

    You will continue to earn reward points on your ICICI Bank Emeralde Private Metal Credit Card spends, excluding for government related spends.


    4. No fuel surcharge waiver beyond INR 50K 

    Fuel surcharge waivers on fuel spends up to Rs. 50,000 only per month, surcharge waiver will not be applicable for spends beyond this limit


    5. No fuel surcharge waiver for spends beyond INR 100K

    Fuel surcharge waivers on fuel spends up to Rs. 1,00,000 per month, surcharge waiver will not be applicable for spends beyond this limit.


    6. Spa Discontinuation

    The Spa access provided basis DreamFolks card is now being discontinued


    7. Rent/government/education exclusion in spend threshold

    The spend threshold for annual fee reversal and milestone benefits will exclude rent, government, and education payments made via credit card.


    8. Spend threshold for Annual Fee reduction to 10L 

    The spend threshold for the reversal of the annual fee has been revised to Rs. 10 Lakh per annum, reduced from the current criteria of Rs. 15 lakh per annum.

    9. 1% fee on education payment via third party 

    No fee will be charged for payments made directly to school or college including international education payments from your credit card. However, a fee of 1% of the transaction amount will be charged for education payments made through third party apps.


    10. 1% fee on utility transaction >50K 

    A fee of 1% of the transaction amount will be charged for utility payment transactions exceeding Rs. 50,000


    11. 1% fee for fuel transaction>10K 

    A fee of 1% of the transaction amount will be charged for fuel transactions exceeding Rs. 10,000.


    12. Add-on Fee INR 199 

    Supplementary cardholders will enjoy enhanced benefits with an annual fee of Rs. 199, which will be levied in the card anniversary month statement.


    13. Late Payment Charges Change

    Late payment charges will be revised according to the new structure.




    Outstanding Amount Late Payment Charge (INR)
    Late Payment Charge (INR)




    <= Rs. 100
    Nil


    Rs. 101 – Rs. 500
    Rs. 100


    Rs. 501 – Rs. 1,000
    Rs. 500


    Rs. 1,001 – Rs. 5,000
    Rs. 600


    Rs. 5,001 – Rs. 10,000
    Rs. 750


    Rs. 10,001 – Rs. 25,000
    Rs. 900


    Rs. 25,001 – Rs. 50,000
    Rs. 1,100


    > Rs. 50,000
    Rs. 1,300


    14. INR 75K quarter spend for domestic lounge access 

    You can enjoy complimentary airport lounge access by spending Rs. 75,000 in the preceding calendar quarter. Spends made in the preceding calendar quarter will unlock access for the subsequent calendar quarter. To be eligible for complimentary lounge access in Jan-Feb-Mar, 2025 quarter, you need to spend a minimum of Rs.75,000 in the Oct-Nov-Dec, 2024 quarter and similarly for the following quarters.

    15. Revolving Rate @45% 

    Finance charges for the revolving credit facility on retail transactions and cash advances will be revised to 3.75% per month (45% per annum)

    16. Mark up on Forex @2% 

    You can continue enjoying the convenience of using your Credit Card for international transactions with a revised mark-up fee of 2%.

  • K-Rail Can Be Implemented If Technical Issues In Design Addressed, Says Ashwini Vaishnav | Mobility News

    The Kerala government’s ambitious K-Rail semi-high-speed rail project is back in the news again as the Centre assured on Sunday that the project can be taken forward if the technical and environmental issues in its design are addressed by the state authorities.

    The multi-crore project has been shelved for some time due to intense protest from opposition parties and the general public and also for want of permission from the union government.

    Giving a fresh hope to the project, Railway Minister Ashwini Vaishnav said that he had discussed the matter with Chief Minister Pinarayi Vijayan when they had last met in New Delhi.

    “I requested the CM that whatever technical and environmental issues are there in the design of the K-Rail, please address them expeditiously, so that, this project can also be taken forward. Because from our side – the NDA government – we believe in cooperative federalism,” he told reporters here.

    The union minister further said that the Centre is committed to constructing the Sabari rail from Angamaly to Erumely as per the original alignment.

    Vaishnav said that the state government recently sent a letter to the Centre with attaching certain conditions. “So, we will be very soon sending a format to the Kerala government which we have done with the government of Maharashtra,” he said.

    Once the state authorities fill up the format, then the project (Sabari rail) can start and move forward, the union minister added.

    The K Rail, a semi-high speed rail corridor, aims to ease transportation along the entire north and south stretch of Kerala and reduce the travel time to less than four hours, as against 12 to 14 hours at present.

    The SilverLine would cover a 530-kilometre stretch from Thiruvananthapuram to Kasaragod and be developed by K-Rail, a joint venture of the Kerala government and the Ministry of Railways.

    The Opposition Congress and the BJP in Kerala have been protesting against the SilverLine project, saying it will affect the families who will be displaced due to its implementation.

  • Thiruvananthapuram Airport To Halt Flights For 5 Hours On Nov 9 – Here’s Why | Mobility News

    Thiruvananthapuram Airport To Halt Flights For 5 Hours On Nov 9: Flight services from the international airport at Thiruvananthapuram will be suspended for five hours on November 9 to make way for ‘Alpassi Arattu’ procession of Sree Padmanabhaswamy Temple here, TIAL said on Saturday. The annual procession is traditionally taken on a route crossing the runway.

    The Thiruvananthapuram International Airport Ltd (TIAL) said the flight services would be suspended from 4 pm to 9 pm on November 9. It said the updated timings of the flights are available with the respective airlines.

    “The runway at Thiruvananthapuram International Airport remains closed twice a year for the Sree Padmanabha Swamy temple procession to pass through. The practice of the procession traversing the current path to reach the Shangumugham Beach for the holy bath of the idols began centuries ago.

    “This ritual continues even after the airport was established in 1932, ensuring that the culture and traditions of the region remain intact,” TIAL said in a release.

    The airport has been pausing operations and rescheduling flights twice every year for decades to enable the bi-annual, centuries-old ceremonial procession of the shrine to pass through the runway.

    When the airport was constructed here, the then Travancore King Sree Chithira Thirunal had made it clear that the facility would be open to public for 363 days in a year and two days for Lord Padmanabha, the titular deity of the royal family, historians say.

    The royal era ritual has been continuing even after the Adani Group took over the management of the airport. The airport issues a NOTAM (Notice to Airmen) twice every year before the runway is closed during the bi-annual Alpassi festival which falls in October-November and the Painkuni festival in March-April.

  • Fish, Meat, And Vegetable Prices Skyrocket In Kolkata On Eve Of Bhai Dooj | Economy News

    New Delhi: Sisters in West Bengal seem to be in a fix on how to arrange for the favourite fish, mutton, and chicken items for their brothers on the auspicious occasion of Bhai Dooj, popularly known as Bhai Phota in the state, on Sunday. On this auspicious occasion, the sisters not only do “tilak” of their brothers praying for their long lives, but also arrange for their favourite dishes.

    As per the popular food culture of the Bengalis, fish, mutton, and chicken items are a must for the post-tilak lunch or dinner. However, the skyrocketing price of these three products in the retail markets of Kolkata has become a headache for the sisters in the city, especially for those coming from middle-class financial backgrounds.

    While Hilsa fish is selling between Rs 1,800 and Rs 2,000 a kg in the retail markets of Kolkata, the price of Bhetki fish is hovering between Rs 600 and Rs 650 a kg. The price of lobster per kg is ranging between Rs 850 and Rs 900. The price of mutton has also zoomed up. In certain retail markets of the city, the price of this popular Bengali non-vegetarian food item has crossed the Rs 850 mark per kg.

    While broiler chicken is selling at Rs 200 a kg, the price of country chicken is even higher at around Rs 450 a kg. What has kept middle-class consumers worried is the abnormal rise in the price of potatoes. While the ordinary ‘Jota’ variety is selling at around Rs 30 a kg, the tastier ‘Chandramukhi’ variety is selling at Rs 40 to Rs 42 a kg.

    Peas are being sold at Rs 200 per kg, while the price of green chilly is hovering around Rs 150 a kg. The per kg price of tomato during the current week has increased to Rs 100 from Rs 80 last week. Given the rising prices, many sisters, though with a grief-stricken heart, are forced to curtail their menu on the occasion of Bhai Phota.

  • Digital Life Certificate Campaign: How To Submit Jeevan Pramaan Certificate Online And Offline; Check Deadline | Personal Finance News

    Life Certificate For Pensioners Online: More than 1.8 lakh pensioners generated their digital life certificates (DLC) on the very first day, even as the government rolled out the largest-ever campaign, the Ministry of Personnel, Public Grievances & Pensions said. 

    The Department of Pension and Pensioners’ Welfare on Friday launched the third and the largest nationwide DLC campaign in 800 cities or districts across India from November 1-30. 

    The authentication is carried out against UIDAI’s Aadhaar database using UIDAI’s Face Recognition Application. In June, the Employees’ Provident Fund Organisation (EPFO) noted a more than threefold jump in the number of EPS pensioners submitting Facial Authentication Technology-based Digital Life Certificates – from 2.1 lakh in 2022-23 to 6.6 lakh in 2023-24. 

    Life Certificate Submission Deadline Date

    Life certificates can be submitted between November 1 and 30 for those under 80 years old. Super senior citizens (aged 80 and above) have been allowed to submit their life certificates starting October 1, with the same deadline of November 30.  

    Ways To Submit Life Certificate

    Pensioners and family pensioners have multiple options to submit their life certificates to ensure the continuous disbursement of pensions. They can conveniently use the Jeevan Pramaan Portal, a digital platform designed for online certificate submission, or opt for the Doorstep Banking (DSB) Agent service, which brings the process to their home. 

    Adding further, pensioners can visit post offices equipped with biometric devices for on-the-spot verification. For those who prefer traditional methods, physical life certificate forms can be submitted directly at bank branches. 

    How To Submit A Jeevan Pramaan Certificate Online 

    Step 1: Pensioners should ensure that the Aadhaar number is updated with your pension disbursing authority, such as your bank or post office.

    Step 2: Install the “Aadhaar Face RD” and “Jeevan Pramaan Face App” from the Google Play Store.

    Step 3: Launch the app and select the option to authenticate identity using biometric methods, such as face, fingerprint, or iris recognition. 

    Step 4: Fill in all the required details about the pensioner as prompted in the app. 

    Step 5: Use your smartphone’s camera to take a photograph or follow the instructions for fingerprint or iris recognition. 

    Step 6: After capturing the biometric data, submit the information through the app. 

    Step 7: You’ll receive an SMS with a link on the registered mobile number, allowing you to download the Jeevan Pramaan Certificate as proof of life certification. 

    How To Submit A Jeevan Pramaan Certificate Offline

    Submit the certificate directly at your bank, post office, or other designated locations. (With IANS Inputs)

  • October UPI Milestone: Rs 23.50 Lakh Crore Transferred In 1,650 Crore Transactions | Economy News

    New Delhi: India’s Unified Payments Interface (UPI) in October achieved a new milestone. The National Payments Corporation of India (NPCI) reported an incredible 16.58 billion transactions totaling Rs 23.50 lakh crore. This marks a 45 percent jump compared to the same month last year.It was largely fueled by increased spending during the festival season. 

    In the UPI ecosystem, the top banks for sending and receiving funds are State Bank of India (SBI), HDFC Bank, and YES Bank. In September, UPI recorded 15.04 billion transactions, totaling Rs 20.64 lakh crore while August saw nearly the same activity with 14.96 billion transactions worth Rs 20.61 lakh crore. October maintained this upward trend, averaging 535 million transactions per day, with the average daily transaction amount reaching Rs 75,801 crore.

    In October, FASTag, the toll payment solution from NPCI saw a busy month with 345 transactions which marked an 8 per cent increase from the previous year. However, the Immediate Payment Service (IMPS) faced a small setback, reporting 467 million transactions, which is a 5 percent drop compared to last year, even though it was up from 430 million in September.

    On a brighter note, the Aadhar-enabled payment system (AePS) experienced a strong boost, with monthly transactions jumping 26 percent year-on-year to hit 126 million. 

  • Petrol And LPG Demand Soars In India This October, Reflecting Growing Economic Trends | Economy News

    New Delhi: India’s petrol, aviation turbine fuel, and LPG consumption shot up in October this year compared to the same month last year, reflecting the rising demand for these fuels in a growing economy. 

    Petrol, LPG, And Jet Fuel Show Strong Growth

    While petrol sales have gone up by 7.3 per cent, LPG consumption surged by 7.5 per cent and jet fuel demand increased 2.5 per cent year-on-year during the festive season, according to data released by the public sector oil companies on Friday. However, diesel sales declined by 3.3 per cent as the extended monsoon which led to the delay in the sowing season, impacted demand for the fuel in the farm sector.

    Major Oil Companies Report Higher Petrol Sales

    Petrol sales of Indian Oil, Bharat Petroleum, and Hindustan Petroleum, which account for over 90 per cent of the total market, increased 3.1 million tonnes during October from 2.87 million tonnes in the same month last year. This comes against the backdrop of rising sales of cars, SUVs and two-wheelers in both urban and rural areas of the country.

    Rising Air Travel Drives Jet Fuel Demand

    The increase in air travel, which comes on the back of a surging middle class that is benefiting from higher economic growth, drove up the consumption of jet fuel to 6,47,700 tonnes during October 2024. Domestic airlines flew 1.30 crore passengers in September, which is 6.38 per cent higher compared to the year-ago period, according to the latest data.

    LPG Consumption Continues Upward Trend

    Cooking gas LPG sales were up 7.5 per cent year-on-year at 2.82 million tonnes in October 2024. LPG consumption is now 13.1 per cent higher than in October 2022. 

    Pradhan Mantri Ujjwala Yojana (PMUY) Boosts LPG Usage

    LPG consumption has been on the rise with as many as 10.33 crore deposit-free LPG connections being issued under the Pradhan Mantri Ujjwala Yojana (PMUY) to women from poor households across the country as of August 1, 2024, Minister of State for Petroleum and Natural Gas Suresh Gopi informed the Lok Sabha recently.

    The target to release 8 crore connections was achieved in September 2019. To cover the remaining poor households, the second phase of the scheme Ujjwala 2.0 was launched in August 2021 and by January 2023, 1.60 crore connections had been released. Further, in view of fresh requests, in September 2023, the government approved the release of an additional 75 lakh PMUY connections.

    The public sector oil marketing companies have completed the release of these 75 lakh PMUY connections as of July 8, 2024, the minister said.

    Efforts to Promote LPG and Enhance Safety 

    Besides, other steps have been taken to popularize LPG such as spreading awareness about the advantages of using LPG over other conventional fuels and the safe usage of cooking gas through LPG Panchayats and awareness camps. 

    As a result of these efforts, the per capita consumption for PMUY beneficiaries has improved to 3.95 refills in FY 2023-24, the minister added.

  • Sensex Rises 448 Points, Nifty Rallies Above 24,300 In Muhurat Session | Markets News

    New Delhi: Benchmark BSE Sensex rose nearly 448 points in the early session of special Muhurat trading on across-the-board buying by investors to mark the start of the new Samvat Year 2081. The 30-share index increased 447.90 points, or 0.56 per cent, to 79,836.96 as all of its constituents traded in the green. The index opened higher at 80,023.75 but shed some gains later.

    The 50-issue Nifty of the NSE spurted 150.10 points, or 0.62 per cent, to 24,355.45 with 47 of its constituents ending in the green. Among major Sensex movers, Mahindra & Mahindra rose 2.66 per cent, Adani Ports 1.42 per cent, and Tata Motors by 1.35 per cent.

    NTPC, Axis Bank, Titan, IndusInd Bank, Tata Steel, HDFC Bank, Reliance Industries and Bharti Airtel also advanced. Muhurat trading is a one-hour, symbolic trading session conducted by stock exchanges on the occasion of Diwali, marking the start of the new Samvat year.

    During the Samvat year 2080 that ended on Thursday, the BSE Sensex jumped 14,484.38 points, or 22.31 per cent, while the Nifty climbed 4,780 points, or 24.60 per cent. Global markets were mixed as European shares rose in early trade. Most Asian markets closed with losses.

    Japan’s benchmark Nikkei 225 dropped 2.6 per cent, the Shanghai Composite slipped 0.2 per cent and South Korea’s Kospi lost 0.5 per cent. Hong Kong’s Hang Seng index added 0.9 per cent.

  • PM Modi’s Economic Council Chairman Bibek Debroy Dies At 69 | Economy News

    New Delhi: Noted economist and chairman of the Economic Advisory Council to the Prime Minister (EAC-PM) Dr Bibek Debroy died on Friday. 

    Debroy, 69, was earlier a member of the NITI Aayog and has held positions at prestigious institutions including the Centre for Policy Research and the National Council of Applied Economic Research.

    PM Modi, condoling Debroy’s death said that the prominent economist  has “left an indelible mark on India’s intellectual landscape.” 

    “Dr Debroy was a towering scholar, well-versed in diverse domains like economics, history, culture, politics, spirituality and more. Through his works, he left an indelible mark on India’s intellectual landscape. Beyond his contributions to public policy, he enjoyed working on our ancient texts, making them accessible to the youth,” the Prime Minister posted on X social media platform.

    Dr. Bibek Debroy Ji was a towering scholar, well-versed in diverse domains like economics, history, culture, politics, spirituality and more. Through his works, he left an indelible mark on India’s intellectual landscape. Beyond his contributions to public policy, he enjoyed… pic.twitter.com/E3DETgajLr


    — Narendra Modi (@narendramodi) November 1, 2024

    “I have known Dr Debroy for many years. I will fondly remember his insights and passion for academic discourse. Saddened by his passing away. Condolences to his family and friends. Om Shanti,” PM Modi added.

    Prior to joining the NITI Aayog (then called Planning Commission), Bibek Debroy served as the Chairman of the Railways Ministry’s high-powered committee on restructuring the country’s lifeline.

    In 2015, the veteran economist was awarded a Padma Shri. A year later, the US-India Business Summit awarded Debroy with the Lifetime Achievement Award.

    Debroy studied at Kolkata’s Presidency College and Delhi School of Economics, and went to the University of Cambridge on a Trinity College scholarship. There, he met his then supervisor, Frank Hahn, a noted British economist and under Hahn’s guidance, he worked on integrating information into a general equilibrium framework.

    With IANS Inputs

     

  • LPG Cylinder Rates Hiked From Today, November 1– Check How Much You Need To Pay For LPG In Your City | Economy News

    New Delhi: Oil marketing companies (OMCs) today (November 1 2024) announced hike in the prices of 19 KG commercial LPG gas cylinders by Rs 62 per bottle of cyliner with immediate effect.

    After today’s price hike, the retail sales a 19 kg commercial LPG cylinder would cost Rs 1,802 in Delhi.

    Here Is How Much You Need To Pay For Per Bottle Of 19 Kg Commercial LPG Cylinder From November  1 In Metros




    Metros
    Prices




    Delhi
    Rs 1,802


    Mumbai
    Rs 1,754.50


    Kolkata
    Rs 1,911.50


    Chennai
    Rs 1,964.50

    However, the prices of domestic LPG cylinders will remain unchanged. It is important to note that monthly revisions for both commercial and domestic LPG cylinders typically occur on the first day of each month.

    You can also click Indane official website to check rates of LPG Cylinders in various cities. 

    Domestic cooking gas prices vary from state to state due to local taxes, and the last revision in domestic cylinder prices occurred on March 1 this year.