The World Opinion

Category: Economy

  • HDFC Bank Debit, Credit Cards Will Not Work For THESE Two Days: Check Dates Here | Personal Finance News

    New Delhi: HDFC Bank has notified its customers through email and SMS that all HDFC Bank debit, credit and prepaid card transactions will be temporarily unavailable during a scheduled upgrade window. “HDFC Bank debit, credit and prepaid card transactions will not be available on June 4, 2024 from 12:30 AM – 2:30 AM and on June 6 from 12:30 AM – 2:30 AM,” HDFC Bank informed its customers via email.

    HDFC Bank has scheduled a system upgrade for its debit, credit, and prepaid card services on the following dates. HDFC Bank has scheduled a system upgrade that will temporarily affect debit, credit, and prepaid card services. Please note that DFC Bank is not affected by this outage. (Also Read: Lenskart Secures $200 Million From Temasek And Fidelity: Key Details Inside)

    The upgrade will take place on the following dates:

    June 4th, 2024, from 12:30 AM to 2:30 AM

    June 6th, 2024, from 12:30 AM to 2:30 AM

    During the system upgrade all debit, credit, and prepaid card services will be temporarily unavailable on HDFC Bank’s ATM, POS (Card Swipe Machine at Stores), and Online (Payment Gateway portal), including Netsafe transactions. Further, HDFC Bank Rupay Cards will not function for online transactions, even on other (non-HDFC Bank) Payment Gateways. (Also Read: Mother Dairy Hikes Milk Prices By Rs 2 per Litre In Delhi-NCR After Amul: Check New Prices HERE)

    HDFC bank has announced that it will stop sending sms alerts for UPI transactions below Rs 100 starting from June 25. However, all UPI transactions will still generate email alerts for customers, as per HDFC’s Bank Communication. After June 25, customers will only receive text notifications for transactions above Rs 100 or when they receive more than Rs 500 via UPI, as stated by the bank.

  • Mercedes-Benz C300 AMG Line Launched at Rs 69 Lakh; Check Features, Performance And Other Details | Auto News

    Mercedes-Benz has introduced updates to its popular C-Class model range in India, including the launch of the new C300 AMG Line priced at Rs 69 lakh. The C-Class continues to be available in three trims: C200, C200d, and the newly introduced C300 AMG Line, replacing the older diesel-powered C300d AMG Line. The ex-showroom prices for the C200 and C200d are Rs 61.85 lakh and Rs 62.85 lakh, respectively. Additionally, the high-performance C43 AMG is available for Rs 98.25 lakh (ex-showroom).

     Mercedes-Benz C300 AMG Line: New Features and Enhancements

    The C300 AMG Line boasts a refreshed exterior featuring sportier design elements, including revised front and rear bumpers and the distinctive AMG Line front grille with 3D effects. New Manufaktur color options such as Patagonia Red Bright and Sodalite Blue add to its appeal.

    Inside, the C300 AMG Line includes the ‘Night Package’ as standard, providing a blacked-out interior treatment. It comes equipped with premium features like a Burmester 3D surround sound system, digital lights, augmented reality navigation, blind spot assist, and a keyless-go comfort package.

     Performance and Engine Specifications

    Under the hood, the C300 AMG Line is powered by a 2.0-litre, four-cylinder turbo-petrol engine paired with a 48V mild-hybrid system. This setup produces 255 bhp and 400 Nm of torque. The integrated starter generator (ISG) offers an additional output of 22 bhp and 205 Nm, with an overboost function that provides an extra 27 bhp for about 30 seconds. The engine is mated to a 9-speed automatic gearbox, enabling a 0-100 kmph sprint time of 6 seconds and a top speed of 250 kmph.

    Updates to C200 and C200d

    The updates are not limited to the C300 AMG Line. The C200 and C200d variants have also received new features, including heated and ventilated front seats, a 360-degree camera, six fast-charging USB-C ports, and adaptive high beam assist.

    GLC SUV: Enhanced Features and Revised Pricing

    Mercedes-Benz has also updated its best-selling SUV in India, the GLC, with new features. These include heated and ventilated front seats and additional side rear airbags, increasing the total airbag count to nine. Consequently, the prices for the GLC have been revised. The GLC 300 4Matic is now priced at Rs 75.90 lakh, while the GLC 200d is priced at Rs 76.90 lakh (both ex-showroom).

  • Mother Dairy Hikes Milk Prices By Rs 2 per Litre In Delhi-NCR After Amul: Check New Prices HERE | Companies News

    New Delhi: Mother Dairy has announced Rs 2 Per litre hike in milk prices in Delhi-NCR which is effective from Monday, June 3. This increase applied to all milk variants sold in Delhi-NCR and other markets. The price hike follows a similar increase by Amul which raised its rates ahead of the Lok Sabha election results on June 4.

    Mother Dairy said, “We are increasing our liquid milk prices by Rs 2 per litre across all operating markets from June 03, 2024 onwards.” This decision aims to offset the rising production costs that have been affecting the industry for over a year.

    Mother Dairy’s new prices in Delhi-NCR for milk are as follows:

    – Full cream milk- Rs 68 per litre

    – Toned milk- Rs 56 per litre

    – Double-toned milk- Rs 50 per litre

    – Buffalo milk- Rs 72 per litre

    – Cow milk- Rs 58 per litre

    – Token milk- Rs 54 per litre

    The company added “Despite paying higher prices towards milk procurement in the last few months, the consumer prices were kept intact. Moreover, the heat stress across the country has been unprecedented and it is likely to further impact milk production.”

    “The surge in farm prices is only being partially passed on to the consumers, with an effective revision of 3-4 per cent, thereby securing the interests of both the milk producers and the consumers,” Mother Dairy stated.

    Gujarat Cooperative Milk Marketing Federation (GCMMF) on Sunday night which markets dairy products under the Amul brand announced a nationwide increase in milk prices by around Rs 2 per litre. This price hike took effect on Monday.

    The Rs 2 per litre increase translates to a 3-4 per cent rise in the MRP which is much lower than the average food inflation. GCMMF noted that it has not increased the prices of fresh pouch milk in major markets since february 23.

  • FPIs Offloaded Over Rs 25,000 Cr Indian Stocks In May, Turning Net Sellers Second Month | Markets News

    New Delhi: The selling spree in Indian stock markets by foreign portfolio investors (FPIs) turned aggressive in May, standing at Rs 25,586 crore as the month ended. The consistent offloading of money from Indian stocks is partly attributable to a strong US dollar, sticky inflation particularly in the food segment, and poll outcome-related anxieties.

    However, in the past few sessions, they seemed to have slowed down on selling, expecting a strong performance in the indices. Both Nifty and Sensex also touched all-time highs lately, accumulating huge sums of money for investors.
     
    A week ago, the total FPI selling, cumulatively, was around Rs 28,000 crore, data from National Securities Depository Limited (NSDL) showed. “FPIs have been sellers in equity on most trading days in May. As per NSDL data FPIs have sold equity for Rs 25,586 crore in May,” said VK Vijayakumar, Chief Investment Strategist, Geojit Financial Services.

    “The main trigger for the FPI selling has been the outperformance of the Chinese stocks. The Hang Seng index boomed 8 per cent in the first half of May triggering selling in India and buying in Chinese stocks. Another reason was the spike in US bond yields.”

    FPI activity in June will be crucially influenced by the election results to be announced on June 4, and the market response to that. “If the election results ensure political stability the market is likely to respond positively to that. FPIs also are likely to turn buyers in such a scenario. However, in the medium term US interest rates will exert more influence on FPI flows,” Vijayakumar added.

    “The relatively high valuations and weak earnings, particularly in the financial and IT sectors where foreign portfolio investors (FPIs) have a high allocation, along with political uncertainties such as ambiguity around the outcome of the Lok Sabha elections, global risk-off sentiment, and the appeal of Chinese markets, have led to FPI selling,” said Vipul Bhowar, Director, Listed Investments, Waterfield Advisors.

    In April too, FPIs were net sellers in Indian stocks, as the ongoing geopolitical crisis in the Middle East then likely pushed investors to take money off their portfolios. FPIs, who continued to remain net buyers for the third month until mid-April, have cumulatively sold stocks worth Rs 8,671 crore by the end of the month.

    Interestingly, at a time when overseas investors have been remaining net sellers in Indian equities for the past several sessions, domestic institutional investors stayed net buyers, largely making up for the outflows by foreign investors. 

  • India’s Forex Reserves Decline USD 2 Billion And Come Off Record Highs | Markets News

    New Delhi: India’s foreign exchange reserves declined a little over USD 2 billion in the week that ended on May 24, to come off from its all-time high it experienced a week prior. The reserves are now at USD 646.673 billion.

    In the previous week, the reserves rose for the third straight week, by USD 4.549 billion to USD 648.700 billion, according to data shared by the Reserve Bank of India (RBI). In the process, they touched a fresh lifetime high.

    Preceding those three weeks, the forex kitty had seen three consecutive weeks of decline. According to the latest data released by the Reserve Bank of India (RBI), India’s foreign currency assets (FCA), the biggest component of the forex reserves, declined by USD 1.510 billion to USD 567.499 billion.

    Gold reserves during the week declined by USD 482 million to USD 56.713 billion. India’s foreign exchange reserves are now sufficient to cover around 11 months of projected imports, according to a RBI report. (Also Read: FPIs Offloaded Over Rs 25,000 Cr Indian Stocks In May, Turning Net Sellers Second Month)

    In the calendar year 2023, the RBI added about USD 58 billion to its foreign exchange kitty. In 2022, India’s forex kitty slumped by USD 71 billion cumulatively. Foreign exchange reserves have risen about USD 28 billion, on a cumulative basis, in 2024 so far.

    Forex reserves, or foreign exchange reserves (FX reserves), are assets that are held by a nation’s central bank or monetary authority. It is generally held in reserve currencies, usually the US Dollar and, to a lesser degree, the Euro, Japanese Yen, and Pound Sterling.

    The country’s foreign exchange reserves last touched their all-time high in October 2021. Much of the decline after that can be attributed to a rise in the cost of imported goods in 2022. Also, the relative fall in forex reserves could be linked to the RBI’s intervention, from time to time, in the market to defend the uneven depreciation in the rupee against a surging US dollar. (Also Read: RBI Aims To Expand UPI To 20 Countries By 2028-29: RBI’s Annual Report)

    Typically, the RBI, from time to time, intervenes in the market through liquidity management, including through the sale of dollars, to prevent a steep depreciation in the rupee. The RBI closely monitors the foreign exchange markets and intervenes only to maintain orderly market conditions by containing excessive volatility in the exchange rate, without reference to any pre-determined target level or band. 

  • Pune Porsche Case: 573% Rise In Minor Driving Cases; Check Details | Auto News

    The Pune Porsche accident has caught the mass attention after two techies were killed. Amid the surges in road accidents, the Delhi Police has issued 101 challans for minor driving offences from January till May 15, as per the official data.

    A total of 15 challans were issued during the same period in 2023, data from the Delhi Traffic Police revealed.

    “A surge of nearly 573 per cent was witnessed this year. The rise in prosecutions serves as a deterrent, highlighting the legal consequences of such violations,” a senior police officer said.

    According to traffic police, they have implemented several strategic measures aimed at tackling this issue. These measures include heightened surveillance, deployment of additional personnel at key checkpoints, and increased patrolling in areas known for frequent traffic violations by minors.

    “The crackdown on minor driving is part of a broader initiative to enhance road safety and reduce accidents involving young and inexperienced drivers,” police said.

    “We have been conducting awareness campaigns in schools and communities to educate parents and guardians about the legal and safety implications of allowing minors to drive,” said the officer.

  • GST Collection For May At Rs 1.73 Lakh Crore, Up 10% YoY | Economy News

    New Delhi: The Goods and Services Tax (GST) collections for May came in at Rs 1.73 lakh crore, a 10 per cent growth (year-on-year), driven by a strong increase in domestic transactions and slowing of imports, the Centre said on Saturday. 

    The gross GST collections in the FY2024-25, till May, stood at Rs 3.83 lakh crore, representing an 11.3 per cent year-on-year growth, according to the Ministry of Finance. After accounting for refunds, the net GST revenue in the FY 2024-25 till May 2024 stood at Rs 3.36 lakh crore, reflecting a growth of 11.6 per cent compared to the same period last year. (Also Read: ATF Price Slashed By 6.5% To Rs 94,969.01/kl; Windfall Tax On Crude Petroleum Reduced To Rs 5,200/Tonne)

    For May, after accounting for refunds, the net GST revenue stood at Rs 1.44 lakh crore, reflecting a growth of 6.9 per cent compared to the same period last year. While central Goods and Services Tax (CGST) was at Rs 32,409 crore, the state GST was Rs 40,265 crore and integrated IGST stood at Rs 87,781 crore, including Rs 39,879 crore collected on imported goods, said the ministry. (Also Read: Lok Sabha Elections 2024: Are Banks Closed Today, June 1? Check State-Wise List)

    The Cess stood at Rs 12,284 crore, including Rs 1,076 crore collected on imported goods.  For the FY 2024-25 till May, the CGST was Rs 76,255 crore; SGST was Rs 93,804 crore; IGST Rs 1,87,404 crore, and Cess was Rs 25,544 crore. 

    In the month of May, the government settled Rs 38,519 crore to CGST and Rs 32,733 crore to SGST from the net IGST collected of Rs 67,204 crore. This translates to a total revenue of Rs 70,928 crore for CGST and Rs 72,999 crore for SGST in May, after regular settlement. 

    “Similarly, in the FY 2024-25 till May 2024, the Central government settled Rs 88,827 crore to CGST and Rs 74,333 crore to SGST from the net IGST collected of Rs 154,671 crore,” said the ministry.  This translates to a total revenue of Rs 1,65,081 crore for CGST and Rs 1,68,137 crore for SGST in FY 2024-25 till May. 

  • ATF Price Slashed By 6.5% To Rs 94,969.01/kl; Windfall Tax On Crude Petroleum Reduced To Rs 5,200/Tonne | Economy News

    New Delhi: Jet Fuel, also known as Aviation Turbine Fuel (ATF) saw a significant price reduction of 6.5 percent on June 1 and decreased by Rs 6,673.87 per kilolitre (kl) to Rs 94,969.01/kl in New Delhi. This reduction follows a slight increase of 0.09 percent (Rs 749.25 per kilolitre) on May 1.

    In Mumbai, the price of aviation turbine fuel (ATF) has dropped to Rs 88,834.27 per kilolitre (kl) from Rs 95,173.70 per kl. Prices vary across states due to local taxes, according to the report. (Also Read: Lok Sabha Elections 2024: Are Banks Closed Today, June 1? Check State-Wise List)

    Petrol and Diesel Rates Remain Unchanged

    The price for Petrol and Diesel remain unchanged since their last adjustment in mid-march when they were reduced by Rs 2 per litre. (Also Read: LPG Price Cut: Commercial Cylinder Prices Reduced By Rs 69.50; Check City Wise Rates)

    Windfall Tax on Crude Oil Decreased

    The government has reduced the windfall tax on domestically-produced crude oil to Rs 5,700 per tonne from Rs 5,700 which is effective from June 1, 2024. This tax is imposed as the Special Additional Excise Duty (SAED) which remains at ‘nil’ for the export of diesel, petrol and jet fuel. The new rates come into effect on June 1, as per the official notification

    India first introduced windfall taxes on July 1, 2022 joining other nations in taxing the supernormal profits of energy companies. These tax rates are reviewed every fortnight based on the average oil prices from the previous two weeks. (With PTI Inputs)

  • EPFO Introduces New Rules For Cheque Leaf And Bank Passbook Uploads: Here’s All You Need To Know | Personal Finance News

    New Delhi: The Employees Provident Fund Organization (EPFO) has announced a change in the requirements for uploading a validated bank passbook image or cheque leaf while filing certain claims online.

    How does EPFO verify claims?

    To verify claims EPFO uses verification methods instead of requiring a validated bank passbook or cheque leaf image. These methods include:

    – Online Bank KYC Verification: The EPFO checks your bank’s or the National Payments Corporation of India’s (NPCI) KYC details directly. (Also Read: RBI Moves 100 Tonnes Of Gold From UK Vaults For First Time Since 1991)

    – Employer Verification via DSC: Your employer can verify your bank account details using a Digital Signature Certificate (DSC). (Also Read: SEBI Bans THESE 5 Entities From Securities Markets For 3 Years: Check List)

    – Aadhaar Number Verification: The EPFO validates your bank account’s Aadhaar number with the UIDAI (Unique Identification Authority of India).

    This change will speed up the online claim settlement process and reduce the number of rejected claims due to missing images of attested bank passbooks or cheque leaves.

    As stated in the EPFO circular from May 28, 2024 “With a view to facilitate the speedy settlement of claims filed online and to reduce the rejection of claims due to the reason of non-uploading of the image of cheque leaf/ attested bank passbook while filing claims online, it has been decided with the approval of the CPFC to relax the requirement of mandatory uploading of the image of cheque leaf/ attested bank passbook for certain eligible cases based on certain validations which include Online Verification of the Bank KYC by concerned Bank/NPCI, Verification of Bank KYC by the employer using DSC, Seeded Aadhaar Number verified by UIDAI among others.”

    Has EPFO specified eligibility criteria?

    They might not have detailed the eligibility criteria. Here are some possible scenarios:

    Validated Bank Data: If your bank details have already been verified through KYC or another method you might not need to submit any additional documentation.

    Claim Amount: The relaxed requirements might apply to claims below a certain amount.

    For an EPF claim, the ideal supporting document is an original, cancelled check that clearly shows your name, bank account number and IFSC code. This document confirms your bank account details and ensured your claims are settled.

    How to Submit an Online EPF Claim

    You can file an online claim through the EPFO member site. Here’s a general guideline but you must always check the official EPFO website for the latest updates:

    Eligibility Requirements:

    – You must have a valid Universal Account Number (UAN) and be a registered member.

    – Your Aadhaar number, bank account number and other Know Your Customer (KYC) details need to be seeded and validated in your UAN account.

    Here’s how you can file an online claim with EPFO:

    – Visit the EPFO Member Portal: Go to https://unifiedportal-mem.epfindia.gov.in/ and log in using your UAN and password.

    – Navigate to the Claim Section: Once logged in, find the “Claim” section in the member portal.

    – Select Claim Type: Choose the type of claim you want to submit, such as pension or full settlement.

    – Verify KYC Information: Your KYC details should be pre-filled based on the data you submitted. Make sure these details are accurate, and update if necessary.

    – Online Verification: Instead of uploading documents, online verification methods may be used based on the circumstances and recent relaxations.

    – Upload Documents if Required: In some cases, you may still need to upload scanned copies of documents, such as a canceled check or an attested bank passbook copy. Refer to the EPFO website for the latest document requirements.

    – Submit the Claim: After verifying all information, submit your claim application.

    – Track Claim Progress: You can monitor the progress of your claim application through the portal.