The World Opinion

Category: Economy

  • Hindenburg’s Allegations: Sebi Issues Statement For Investors, Check What The Market Regulator Said | Economy News

    New Delhi: Market regulator Securities and Exchange Board of India (Sebi), has issued a statement for investors amidst the recent research report released by US-based short seller Hindenburg Research. Sebi has asked the Investors to remain calm and exercise due diligence before reacting to such reports.

    “SEBI takes note of the report published by Hindenburg Research on August 10, 2024. Investors should remain calm and exercise due diligence before reacting to such reports. Investors may also like to take note of the disclaimer in the report that states that readers should assume that Hindenburg Research may have short positions in the securities covered in the report,” said the market regulator. (Read More: Check Direct Link Of The Research Report)

    Responding to the charges levelled against Sebi on not taking ‘ action against the Adani Group’, the regulator said, the allegations made by Hindenburg Research, against the Adani Group, have been duly investigated by SEBI. (Read More: Sebi Chief Madhabi Puri Buch Gives Point-By-Point Rebuttal)

    “Hon’ble Supreme Court in its Order of January 3, 2024 noted that SEBI had completed twenty–two out of twenty–four investigations into the Adani group. Subsequently, one more investigation was completed in March 2024, and one remaining investigation is close to completion. During the ongoing investigation in this matter, more than 100 summons, around 1,100 letters and emails have been issued to seek information. Further, more than 100 communications have been made seeking assistance from domestic/foreign regulators and external agencies. Also more than 300 documents containing around 12,000 pages have been examined,” added Sebi.

    Sebi reiterated that as a matter of policy, it refrains from commenting on any investigation/ ongoing enforcement matter.

    “It may be noted that pursuant to the completion of investigations, SEBI initiates enforcement proceedings which are quasi–judicial in nature. This comprises issuing of show cause notice and giving of opportunity of hearing which culminates in the passing of a speaking order. Such order is then made available in the public domain. Where investigations have been completed, enforcement proceedings initiated are ongoing and appropriate actions are being taken in accordance with the applicable securities laws,” the Sebi statement said.

    SEBI, said that over the years, it has built a robust regulatory framework that not only aligns with best global practices but also ensures protection of investors, adding that the regulator remains committed to ensuring the integrity of India’s Capital markets and its orderly growth and development.

    Sebi Chief Madhabi Puri Buch and her husband Dhaval Buch have been named in the latest Hindenburg report (published 10 August 2024) in which the US-based short seller has alleged that the couple had stakes in in offshore funds linked to the Adani Group.

    The Hindenburg latest report, citing Whistleblower Documents, said that it showed “Madhabi Buch, The Current Chairperson of SEBI, And Her Husband Had Stakes In Both Obscure Offshore Funds Used In The Adani Money Siphoning Scandal.”

     

  • With Lift Act In Limbo, Noida Apartment Owners Write To DM, Seek Appointment Of Nodal Officer | Real Estate News

    In Noida, a bustling hub of high-rise buildings and rapid urbanization, elevators are a crucial part of daily life for thousands of residents. However, recent incidents have revealed a growing danger within these vertical transport systems. From terrifying free falls to deadly malfunctions, lift accidents in Noida are on the rise, turning what should be a routine aspect of modern living into a source of anxiety and fear.

    In response to a series of elevator mishaps in high-rise buildings across Noida and Greater Noida, the Uttar Pradesh government introduced the Lift Act. Although the act was passed in February 2024, it has yet to be fully implemented. The Noida Federation of Apartment Owners Associations (NOFAA) has now written to IAS officer Manish Verma, District Magistrate of Gautam Buddh Nagar, urging the implementation of the UP Lift and Escalator Act and the appointment of a Nodal Officer for the district.

    The NOFAA, representing over 100 high-rise societies, emphasized the urgency of implementing the Lift Act. “Noida and Ghaziabad account for nearly 75 to 80% of residential high-rise societies in Uttar Pradesh. There are around 80,000 lifts operating in various high-rise societies in Noida alone. Lifts are the backbone of vertical living. Although the UP Lift and Escalator Act is in place, it has not yet been implemented. The lack of implementation makes living in high-rise societies very unsafe. Regular faults and maintenance issues have become a major concern for lift users,” said Rajiva Singh, President of NOFAA.

    The association has requested the District Magistrate to appoint a Nodal Officer to oversee the implementation of the UP Lift and Escalator Act across the district.

    This Lift Act 2024 requires building owners to notify the District Magistrate, relevant authorities, and local police of any lift accidents within 24 hours. Following an incident, the District Magistrate is tasked with conducting an inquiry before the Electrical Inspector’s examination, after which lift repairs may proceed. The act also mandates that builders and Apartment Owners’ Associations (AOAs) enter into an Annual Maintenance Contract (AMC) to ensure regular lift inspections, with authorities kept informed.

  • Hindenburg Now Trains Guns On Sebi Chief Madhabi Buch, Says Had Stakes In Offshore Funds Linked To Adani | Economy News

    New Delhi: Hours after teasing a cryptic post on X “Something big soon India,” US Based short seller Hindenburg Research has come out with new ‘whistleblower documents’. As per the Hindenburg Research documents, market regulator Securities and Exchange Board of India (SEBI) chairperson Madhabi Puri Buch and her husband Dhaval Buch had stakes in in offshore funds linked to the Adani Group.

    NEW FROM US:

    Whistleblower Documents Reveal SEBI’s Chairperson Had Stake In Obscure Offshore Entities Used In Adani Money Siphoning Scandalhttps://t.co/3ULOLxxhkU


    — Hindenburg Research (@HindenburgRes) August 10, 2024

    The Hindenburg latest report, citing Whistleblower Documents, said that it showed “Madhabi Buch, The Current Chairperson of SEBI, And Her Husband Had Stakes In Both Obscure Offshore Funds Used In The Adani Money Siphoning Scandal.”

    “It has been nearly 18 months since our original report on the Adani Group presented overwhelming evidence that the Indian conglomerate was operating “the largest con in corporate history”. Our report exposed a web of offshore, primarily Mauritius-based shell entities used for suspected billions of dollars of undisclosed related party transactions, undisclosed investment and stock manipulation,” Hindenburg report mentions, which was published on its website on Saturday.

    As per the Hindenburg report, Madhabi Buch and her husband first appear to have opened their account with IPE Plus Fund 1 on June 5th, 2015 in Singapore. “We had previously noted Adani’s total confidence in continuing to operate without the risk of serious regulatory intervention, suggesting that this may be explained through Adani’s relationship with SEBI Chairperson, Madhabi Buch.

    What we hadn’t realized: the current SEBI Chairperson and her husband, Dhaval Buch, had hidden stakes in the exact same obscure offshore Bermuda and Mauritius funds, found in the same complex nested structure, used by Vinod Adani,” added the report. A declaration of funds, signed by a principal at IIFL reportedly states that the source of the investment is “salary” and the couple´s net worth is estimated at $10 million, said the report.

    Meanwhile, the SEBI Chief has denied the allegations. “The same are devoid of any truth. Our life and finances are an open book. All disclosures as required have already been furnished to SEBI over the years,” stated SEBI Chief and her husband Dhaval Buch, as reported by PTI. 

  • India’s Textiles, Garment Sector Impacted Due To Bangladesh Unrest: FM Sitharaman | Economy News

    New Delhi: Finance Minister Nirmala Sitharaman on Saturday said that there was some uncertainty in India’s textiles and garments sector following the political turmoil in Bangladesh but it was too early to say what the overall impact on the economy would be.

    She said that Indian businessmen have made investments in Bangladesh in good faith and these resulted in increasing exports and creating more jobs in Bangladesh. “I hope these investments which have benefited Bangladesh remain safe,” she remarked.

    India has a policy of allowing liberal imports from low-income countries and this has also helped to spur growth in the Bangladesh economy, she added. “I hope the new regime in Bangladesh will settle the problem sooner rather than later so that the people of Bangladesh and India can get back to their normal situation,” the Finance Minister said.

    She also said that the External Affairs Minister has made a statement in Parliament that India has stepped up its security along the Bangladesh border. Prime Minister Narendra Modi had extended his best wishes to the newly sworn-in head of the Bangladesh interim government, Nobel laureate Professor Muhammad Yunus. PM Modi expressed hope for a swift return to normalcy and called for the protection of Hindus in Bangladesh.

    PM Modi’s request came in the backdrop of media reports stating that Hindus and other minorities were being attacked in Bangladesh following the ouster of the Sheikh Hasina government in violent protests led by radical elements.

    Several hundred Bangladeshi nationals, mostly Hindus, gathered at different points along India’s border with Bangladesh as they are trying to flee the strife-torn country. The BSF has tightened security along the border and has even resorted to forming a human shield to prevent Bangladesh nationals from entering the country. Several such incidents were reported from the India-Bangladesh border in West Bengal.

    Meanwhile, newly-appointed Bangladesh foreign policy adviser Touhid Hossain said that Dhaka will maintain a balance in ties with big powers and establish good ties with all countries. Hossain has been a career diplomat and is a former Foreign Secretary of Bangladesh.

  • ‘Something Big Is Going To Happen In India’: Hindenburg Research Drops Bomb; Who’s The Next Target After Adani? | Economy News

    The US-based short seller Hindenburg Research has posted a cryptic message on X (Formerly Twitter) which hints at a major revelation involving an Indian company. The message read: “Something big soon India”. This comes after Hindenburg published allegations against the Adani Group, accusing them of insider trading and stock market violations. 

    Something big soon India


    — Hindenburg Research (@HindenburgRes) August 10, 2024

    Massive Decline In Adani Group’s Stock 

    On January 24 last year, the firm published a report sharply criticizing the Adani Group, controlled by Gautam Adani just before the planned share sale of Adani Enterprises. Hence, this report triggered which resulted in a massive decline in the group’s stocks, wiping out approximately $86 billion in market capitalization. 

    Adding further, the group’s overseas-listed bonds faced a significant sell-off in response to the allegations. However, the Adani Group has consistently denied all accusations made in the Hindenburg report. At the time of its release, the group dismissed the claims as baseless. 

    What SEBI Revealed In Adani-Hindenburg Case? 

    The Securities and Exchange Board of India (SEBI) has made a new revelation in the Adani-Hindenburg case, considering the connection between the American short-seller firm Hindenburg Research and New York hedge fund manager Mark Kingdon. According to SEBI, Hindenburg shared its report with Kingdon almost two months before releasing it on the Adani Group. This allowed for strategic trading, resulting in massive profits.

    Biggest Fraud In Corporate History

    SEBI issued a 46-page show cause notice to Hindenburg, stating that Hindenburg and Kingdon Capital Management had entered into a ‘Research Agreement’ in May 2021. Under this agreement, the report was shared. The report shared two months prior was almost identical to the report published in January 2023, which accused the Adani Group of perpetrating “the biggest fraud in corporate history.” This accusation led to a market value decline of over $150 billion in Adani’s listed companies.

  • NPS Partial Withdrawals: Is It Possible To Draw Part Money Before Retiring? Check Conditions, Tax Benefits | Personal Finance News

    New Delhi: The Indian government introduced the National Pension System (NPS), a pension cum investment plan to give people security for their old age. The Pension Fund Regulatory and Development Authority (PFRDA) oversees the scheme. After turning sixty years old, the NPS members start receiving their pension. Nevertheless, before turning 60 or upon attaining superannuation, some members desire to withdraw their accumulated wealth in NPS. Let’s go into more detail on early pension withdrawal and the requirements. 

    Before retiring, is it possible to take partial NPS withdrawals?

    Without compromising their monthly stipend upon retirement or terminating their retirement account, NPS members can take partial withdrawals from their savings to fulfill specific requirements.

    Conditions for NPS partial withdrawal

    A circular defining the procedures for a partial withdrawal from the NPS was released by PFRDA on January 12, 2024, and became operative on February 1, 2024. According to the circular, partial withdrawal is allowed under the following conditions:

    * You can withdraw funds for your children’s higher education.
    * Funds can be withdrawn for your children’s marriage.
    * Withdrawal is allowed when buying a house or repaying a home loan. However, neither you nor your spouse should already own a home.
    * Withdrawals could be made to pay for medical expenses and hospitalization.
    * Withdraw is allowed to start a business, or pursue a startup.
    * Withdrawals could be made for skill development or self-development activities.

    Eligibility requirements for NPS partial withdrawal

    To be eligible for partial withdrawal from your NPS account, you need to fulfill the following conditions:

    * You have been an NPS subscriber for at least 3 years from the date of your joining the scheme.
    * During your entire subscription period, you are permitted to make a maximum of three partial withdrawals, with a minimum gap of five years between each withdrawal.
    * You can withdraw only 25% of the contribution in NPS. However, withdrawals are not permitted from the employer’s portion of the contribution or from the returns generated on contributions.

    Tax benefits on partial withdrawal from the NPS account

    If you are taking partial pension withdrawals, you may be eligible for tax exemption on the amount withdrawn up to 25% of the self-contribution, on such terms and conditions as may be specified by PFRDA under section 10(12B).

    What is the process for partially withdrawing from NPS?

    You must apply to any government nodal agency connected to the NPS and provide a self-declaration outlining the reason for the withdrawal to make a partial withdrawal. After that, the application will be sent to the Central Record-keeping Agency (CRA) for verification and processing.

  • Air India Suspends Flights To And From Tel Aviv As Iran-Israel Tension Rises; Passengers To Get Full Refund | Aviation News

    NEW DELHI: Air India announced on Friday the suspension of its flights to and from Tel Aviv, effective immediately, until further notice amid the escalating tensions between Israel and Iran. The decision was made in response to the current situation in the region. Further, Air India said that they are continuously monitoring the situation and prioritising the safety of their guests and crew.

    “In view of the current situation in parts of the Middle East, scheduled operations of our flights to and from Tel Aviv are suspended with immediate effect until further notice,” Air India said in a post on X. We are continuously monitoring the situation and are offering a full refund to our passengers with confirmed bookings for travel to and from Tel Aviv. The safety of our guests and crew remains our topmost priority,” the airline added.

    Earlier, Air India had announced on August 2 that it would suspend its services to Tel Aviv until August 8 in response to the heightening tensions in the Middle East.

    In a post on X, Air India said, “In view of the ongoing situation in parts of the Middle East, we have suspended scheduled operations of our flights to and from Tel Aviv with immediate effect up to and including August 8.”

    “We are continuously monitoring the situation and are extending support to our passengers with confirmed bookings for travel to and from Tel Aviv during this period, with a one-time waiver on rescheduling and cancellation charges. The safety of our guests and crew remains our foremost priority,” the airline added.

    Tensions have been heightened in the Middle East since the assassination of Hamas political leader Ismail Haniyeh on July 31 in Iran, allegedly by Israeli forces.

  • Mumbai Woman Spends Rs 9.4 Lakh On Starbucks Coffee, Zomato Celebrates With Special Ad – Watch Here | Economy News

    New Delhi: For some, coffee is a simple pleasure but for Mishquat from Mumbai it’s a true passion. Her daily ritual of ordering cinnamon coffee from starbucks through Zomato has become a delightful habit. Her love for coffee led her to spend Rs 9.4 lakhs on her orders. Zomato noticed her incredible devotion and decided to celebrate Mishquat’s love for coffee in a heartwarming new ad. The food delivery company has also introduced a special discount code for fellow coffee enthusiast.

    Sahibjeet Singh Sawhney, Zomato’s marketing head shared the film where Mishquat’s mother is seen fuming when she discovers just how much her daughter has spent on her daily coffee habit. Determined to get the money back, she confronts the store manager.

    However, instead of refunding the money, the manager invites her to try the ‘Mishquat special’ coffee herself. As she takes a sip, Mishquat’s mother becomes emotional and finally understands why her daughter loves this coffee so much. To celebrate this touching moment, Zomato offers a special “Mishquat” discount code for all customers.

    Sahibjeet Singh Sawhney on LinkedIn share the ad film with a heartfelt message: “Mishquat, from Mumbai, has ordered for over Rs 9.4Lacs from Starbucks on Zomato. This video is our tribute to her. Special thanks to her mom for letting us create this.”

    The ad film sparked a flurry of reactions, with one user even calculating Mishquat’s expenditure. A user remarked, “Mishquat’s Starbucks order could fund a startup.” Another wrote, “Humorously created Zomato India. Bound to go viral for Mishquat.” A third chimed in, “Humorously created Zomato India. Bound to go viral for Mishquat.” A fourth user commented, “This is incredible! Turning a data point into such a clever ad is really impressive.” A fifth added, “Zomato never fails to surprise!! Love this.”

  • What Is UPI Transaction Limit, Per Day Limit Of Various Public And Private Banks –Check Comparison | Personal Finance News

    New Delhi: The Reserve Bank Of India on 8 August 2024, the UPI limit for tax payment matters has been increased from Rs 1 lakh to Rs 5 lakh per transaction.

    However, the normal UPI transaction limit remains the same. Since the National Payments Corporation of India (NPCI) introduced the Unified Payments Interface (UPI) in 2016, the number of transactions using it has increased. For UPI, the NPCI has set a maximum daily transaction restriction at Rs 1 lakh. Most Indian banks have fixed their daily UPI transaction limits at Rs 1 lakh in compliance with the NPCI’s rules. 

    UPI Transaction Limit

    The daily limit for regular UPI transactions in India is up to Rs. 1 lakh. There shall be a 24-hour waiting period for any attempt to surpass these limitations. Overall UPI apps and bank accounts, there is also a cumulative limit of ten transactions.

    The transaction maximum is 2 lakh for some types of UPI transactions, such as capital markets, collections, insurance, and foreign inward remittances. The maximum amount per transaction for Initial Public Offering and Retail Direct Scheme is Rs 5 lakh.


    Check out below the UPI transaction limit and per day limit of various public and private sector banks in India:

    UPI Limits Set by Public Sector Banks

    State Bank of India 
    SBI has set a daily UPI transaction limit of Rs. 1,00,000. The bank also limits customers to 10 transactions per day.

    Central Bank of India 
    Central Bank of India has set a daily UPI transaction limit of Rs. 1,00,000.

    Union Bank of India 
    The maximum per transaction amount that can be transferred through UPI is Rs 1 lakh.

    Union Bank of India 
    The maximum transaction limit per transaction is Rs 1,00,000.

    Indian Bank 
    Users can send a total of Rs 100,000 per day, with each transaction capped at Rs 100,000. 

    UCO Bank 
    With each transaction capped at Rs 100,000, users can send a total of Rs 100,000 per day. 

    Bank of Maharashtra 
    For the P2P type, the maximum limit is capped at Rs 1,00,000.

    Canara Bank 
    For the P2P type, the maximum limit is capped at Rs 1,00,000 within 24 hours and up to 20 transactions.

    Bank of Baroda 
    Users can send a total of Rs 1,00,000 per day. Users are restricted to a maximum of 20 transactions per day.

    Punjab National Bank
    The upper limit per UPI transaction is Rs 1 Lakh.

    Punjab & Sind Bank
    The maximum amount that can be transferred through UPI is Rs 1,00,000 per day per user.


    UPI Limits Set by Private Sector Banks

    Axis Bank
    The overall transaction limit for debit fund transfers/P2P through UPI within 24 hours is Rs 1,00,000.

    HDFC Bank
    The bank has set a maximum limit of Rs 1 lakh for P2P UPI transactions, or 20 transactions per bank account in 24 hours.

    IndusInd Bank
    The UPI limit per day for general transactions stands at Rs 1,00,000. 

    ICICI Bank
    The upper limit mandated by NPCI is Rs 1 lakh per transaction and Rs 1 lakh cumulative transaction value.

    Bandhan Bank
    Users can transfer a maximum of Rs 1 lakh per day using UPI.

    IDFC First Bank
    For P2P transactions, the per transaction limit is Rs 1,00,000.

    IDBI Bank
    The per-transaction cap of IDBI Bank is Rs 100,000. 

    Karur Vysya Bank
    Karur Vysya Bank has set the per-transaction cap to Rs 100,000. 

    City Union Bank
    Users can send up to Rs 100,000 per transaction and a maximum of Rs 100,000 per day.

  • 5-Star Safety and 23+ kmpl Mileage: Discover India’s Most Affordable Diesel Car | Auto News

    Most Affordable Diesel Car In India: Tata Motors offers a strong portfolio of petrol, diesel, CNG, and electric cars. This range includes hatchbacks, compact sedans, compact SUVs, and mid-sized SUVs. While the Indian Automobile industry losing hope on diesel cars, Tata Motors is still one of the OEMs that is betting high on diesel engines, offering its flagship SUVs — Tata Safari & Harrier — only with diesel units. Notably, Tata Motors also offers the most affordable diesel car in the country, the Tata Altroz.

    Tata Altroz: Competition

    The Tata Altroz competes directly with the Maruti Suzuki Baleno, which comes with a single 1.2-liter petrol engine, while the Altroz offers three engine options: two petrol and one diesel. However, there is a significant difference in the sales of these two models. The Baleno is one of the best-selling cars in the country, while the Altroz lags far behind in sales.

    Tata Altroz Diesel: Price

    The Tata Altroz starts at Rs 6.65 lakh and goes up to Rs 10.80 lakh (ex-showroom) for the top variant. However, the diesel variants start at Rs 8.90 lakh (ex-showroom). The base variant with diesel fuel is the XM Plus Diesel.

    Tata Altroz: Engine Options

    The Altroz offers three engine options: a 1.2-liter naturally aspirated petrol, a 1.2-liter turbocharged petrol, and a 1.5-liter diesel engine. All three come with a 5-speed manual gearbox as Standard. The 1.5-liter diesel engine generates 90PS @ 4000rpm and 200Nm @ 1250-3000rpm. It offers a claimed mileage of 23.64 kmpl. 

    Tata Altroz: Features

    The Altroz is equipped with a range of features, including a 7-inch touchscreen infotainment system, semi-digital instrument cluster, ambient lighting, cruise control, single-pane sunroof, automatic climate control, height-adjustable driver seat, power windows, leather steering wheel, leather seats, adjustable headlights, fog lights (front and rear), rear defogger, rain-sensing wipers, and alloy wheels (14-16 inches).

    Tata Altroz: Safety

    It’s a 5-star safety-rated car. The Global NCAP has awarded it a 5-star safety rating in its crash tests. It includes features such as dual front airbags, ISOFIX child-seat anchors, auto park lock (only for DCT), and rear parking sensors.